01 June 2012 08:28 [Source: ICIS news]
By Lilian Hua
Because of the limited domestic supply, propylene offers in China were rising. On Friday, offers stood at CNY9,900-10,000/tonne ($1,554-1,570/tonne), up by CNY100/tonne from Thursday, market sources said.
Small refiners in
In May, wholesale prices of finished oil products have fallen by more than CNY500/tonne, analyst from ICIS C1 said.
Among the refiners planning to shut production at their FCCs is Shandong Huaxing Petrochemical. The company intends to shut its FCC units on 2 June, thereby halving its monthly propylene output to 3,500 tonnes.
Tianhong New Energy, meanwhile, has issued steep cuts in propylene production at its deep catalytic cracker (DCC) unit early this week. The unit is currently producing 20 tonnes/day of propylene from 150 tonnes/day, previously.
Meanwhile, Qingdao Anbang refinery has put off the restart of its FCC to early June from late May, because of the weak demand for gasoline and diesel. The unit usually produces around 80 tonnes/day of propylene.
($1 = CNY6.37)
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