29 March 2012 05:10 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec Zhenhai Refining & Chemical Corp (ZRCC) is planning to resume normal sales of solvents oils in April after restarting a plant from maintenance, a company source said on Thursday.
The company has been supplying the market from its existing inventories since 15 February, when it shut its 80,000 tonne/year solvent oils plant at Ningbo for maintenance, the source added.
The plant was restarted late last week, around 10 days ahead of the original schedule on 1 April, said the source, adding that the plant was running stably.
Market sources said that prices of solvent oils are expected to rise in April in line with higher feedstock naphtha costs.
However, the rise would be limited as supply will increase by around 2,000-3,000 tonnes in China next month with the restart of ZRCC’s plant.
No 120 solvent oils were traded at CNY9,700-9,850/tonne ($1,540-1,563/tonne) on 28 March in east China, CNY100-300/tonne higher than one week ago, according to C1 Energy, an ICIS service in China.
($1 = CNY6.30)
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