31 May 2012 07:10 [Source: ICIS news]
The operating cuts came partly as a result of the recent slump in olefins spot prices and are expected to last for one month, he said.
YNCC operates a 857,000 tonne/year No1 cracker, a 578,000 tonne/year No 2 cracker and a 465,000 tonne/year No 3 cracker at the site. The three plants were running at full rates prior to the cuts this week.
Separately, some market sources said YNCC may consider further cracker operating rate cuts to 80% but the company source did not comment on this.
Ethylene margins – based on naphtha feedstock in northeast Asia – tumbled by $92/tonne ((€74.5/tonne) to $27/tonne during the week ended 25 May, while margins in southeast Asia dived $139/tonne to $13/tonne in the same period, according to data from ICIS.
($1 = €0.81)
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