21 October 2011 07:39 [Source: ICIS news]
“The unit will be restarted in early December,” the source added.
The paraxylene (PX) capacity of the unit will be expanded to 930,000 tonnes/year, he said.
“We are looking around for cargoes in the low $1,400s/tonne level. Current PTA prices can only support PX prices at this level,” the source said.
“We will draw down inventory levels if PTA margins cannot be maintained,” the source added.
PTA spot prices fell by $60-65/tonne (€43-47/tonne) on 20 October to $1,080-1,120/tonne CFR (cost & freight) CMP (China Main Port) amid worries over the eurozone debt crisis. Deals for South Korean PTA were heard transacted at as low as $1,040/tonne CFR CMP late into the evening.
PX prices dropped by $82/tonne to $1,473-1,483/tonne CFR Taiwan and/or CMP as traders cut offers to liquidate long positions.
($1 = €0.73)
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