06 June 2012 11:29 [Source: ICIS news]
SINGAPORE (ICIS)--Some Chinese polyester producers are planning to shut their plants as domestic bottle-grade PET chip prices fell below yuan (CNY) 10,000/tonne ($1,570/tonne) following declining feedstock purified terephthalic acid (PTA) costs amid increased inventories, market sources said on Wednesday.
Bottle-grade PET chip prices were at CNY9,700-9,800/tonne DEL (delivered) on 6 June, down by CNY1,200/tonne since early May, according to Chemease, an ICIS service in China.
The current downtrend in crude oil prices have weighed on paraxylene (PX) and PTA prices in ?xml:namespace>
PX prices fell to $1,207-1,215/tonne (€967-972/tonne) FOB (free on board)
Jiangsu Sanfangxiang Group plans to stop production at its 200,000 tonne/year bottle-grade PET plant at Jiangyin city in
China Resources Packaging will shut its two 200,000 tonne/year plants at
In the second quarter of 2012, China’s bottle-grade PET chip capacity increased by 1.13m tonnes/year from 4.63m tonnes/year in the first quarter, according to Cheamease data.
Zhejiang Wankai New Materials started up its 400,000 tonnes/year PET plant at Haining in
However, demand is weak in the country. “Because of the weak macroeconomic conditions, domestic and foreign demand for beverages is not as good as estimated. So, we have slowed down our rate of purchase for bottle-grade PET chips,” an official from Tingyi (Cayman Islands) Holding, a key beverage producer in
($1 = CNY6.37)
($1 = €0.80)
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