16 January 2012 10:27 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Shandong Yankuang restarted its 500,000 tonne/year methanol plant on 14 January, a company source said on Monday.
The plant, located in Shandong province in eastern China, was shut down for scheduled maintenance at the end of December, the source added.
“We are running at low operations and expect to achieve on-spec production from 18 January,” said the source.
The methanol price in Shandong is expected to fall on increased supply, while formaldehyde demand is expected to be bearish because of the Lunar New Year, said market participants. Methanol is used in the manufacture of formaldehyde, methyl tertiary butyl ether (MTBE), methyl chlorides, methyl methacrylate (MMA) and acetic acid.
Methanol prices in Shandong were at yuan (CNY) 2,630–2,700/tonne ($417–428/tonne) EXW (ex-works) on Monday, down by CNY10/tonne at the low end compared with 13 January, according to Chemease, an ICIS service in China.
($1 = CNY6.31)
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