10 November 2011 03:48 [Source: ICIS news]
SINGAPORE (ICIS)--Iran’s Petrochemical Commercial Co (PCC) is planning to more than halve its orthoxylene (OX) exports in 2012 on more attractive domestic prices, a company source said on Thursday.
“We are planning to export around 15,000-16,000 tonnes of OX next year,” the source said, adding that the company has exported around 34,000 tonnes of material over the past 10 months.
“Domestic prices have been higher than exports so that is why we are planning to sell more within Iran,” the source said, but decline further comments when asked for details on the domestic settlement method and price.
PCC has a long-term contract to supply OX to South Korea’s Daewoo International Corporation and various Chinese and Indian phthalic anhydride (PA) makers in 2011.
Supply of OX is expected to remain tight going into 2012 on the back of previous cutbacks in operating rates at regional facilities. Demand for shipments have also been poor over the last two quarters because of squeezed PA margins.
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