15 March 2012 05:57 [Source: ICIS news]
Correction: In the ICIS story headlined "China's Yisheng Petrochemical shuts PTA unit" dated 15 March 2012, please read in the first paragraph ... shut its 2m tonne/year... instead of ... shut its 12m tonne/year.... A corrected story follows.SINGAPORE (ICIS)--China’s Yisheng Petrochemical shut its 2m tonne/year purified terephthalic acid (PTA) plant at Zhejiang province on 13 March because of weak demand from downstream sectors, a company source said on Thursday.
The company has not decided on the restart date, the source said without specifying the expected production loss.
China’s PTA market has been facing weak demand from the downstream polyester sector since February. Meanwhile, most PTA producers are struggling with high feedstock paraxylene (PX) prices.
The prices of China’s imported PTA from Taiwan fell to $1,175-$1,180/tonne (€905-909/tonne) CFR (cost & freight) CMP (China Main Port) on 14 March from $1,200-1,205/tonne on 1 March, while import PX prices were at $1,625-1,635/tonne on 14 March.
Domestic PTA producers said they may lower their operating rates in late March or April if demand from downstream users does not improve and PX prices remain firm.
($1 = €0.77)
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