China's Xinjiang Tuha runs methanol unit at reduced rates

11 October 2010 04:59  [Source: ICIS news]

SINGAPORE (ICIS)--Xinjiang Tuha Oilfield’s 240,000 tonne/year methanol unit in China's western province of Xinjiang is running at a reduced rate of 500 tonne/day, amid product prices being just around the break even level, a company source said on Monday.

Chinese methanol was heard at around $290-295//tonne (€206-209/tonne) CFR (cost and freight) China on Friday, up $5/tonne from the previous week on tight supplies, according to ICIS.

Most of methanol producers in China are running at reduced rates as cost of production was close to methanol prices.

China has an annual demand for methanol of around 12m tonnes/year.

Other methanol producers in China include China National Offshore Oil Corp (CNOOC), Kingboard Chemical and Yanzhou Coal Industry Yulin Energy.

($1 = €0.71)

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By: Heng Hui
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