29 July 2011 11:46 [Source: ICIS news]
SINGAPORE (ICIS)--State-owned Indian Oil will likely shut its 657,000 tonne/year naphtha cracker cracker, polyethylene (PE) and polypropylene (PP) plants at Panipat in October for maintenance, a company source said on Friday.
But the company has not finalised the exact date and duration of the shutdown.
“Initially, we wanted to shut the plants in August, but we will postpone to October because prices are very good now, we see no reason to shut the plants [in] the meantime,” the source said.
The combined nameplate capacity of the PP facility is 600,000 tonnes/year, while the high density polyethylene (HDPE)/linear low density polyethylene (LLDPE) swing unit has a capacity of 650,000 tonnes/year, he said.
On 29 July, import spot prices were discussed at $1,580-1,600/tonne (€1,106-1,120/tonne) CFR (cost and freight) Mumbai for PP raffia, $1,430-1,450/tonne CFR Mumbai for LLDPE film and $1,440-1,450/tonne CFR Mumbai for HDPE film.
Domestic spot prices in India were at rupees (Rs) 89.00-89.50/kg ($2,019-2,030/tonne) ?xml:namespace>
($1 = €0.70 / $1 = Rs44.08)
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