12 March 2012 10:36 [Source: ICIS news]
SHANGHAI (ICIS)--China’s Sinopec Beijing Yanshan on 12 March shut its 70,000 tonne/year high-density polyethylene (HDPE) plant at Beijing province, a company source said on Monday.
The producer halted production at its plant to prevent making further losses, which were due to rising crude oil costs as well as declining HDPE prices, and may restart it in late March, the source said.
Sinopec Beijing Yanshan is likely to shut its other 70,000 tonne/year HDPE plant at the same site for the same reasons, the source said without providing further details.
The plant shutdown has strengthened market confidence, but most market participants said they are still adopting a wait-and-see stance to monitor downstream demand.
($1 = CNY6.31)
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