Corrected: S Korea’s Hanwha Chemical shuts Ningbo PVC plant

08 June 2012 09:45  [Source: ICIS news]

Correction: In the ICIS story headlined "China’s Hanhua Chemical shuts Ningbo PVC plant for turnaround" dated 8 June 2012, please read in the first paragraph... South Korea’s Hanwha Chemical... instead of ... China’s Hanhua Chemical (Ningbo) ....  A corrected story follows.

SINGAPORE (ICIS)--South Korea's Hanwha Chemical has shut its 300,000 tonne/year ethylene-based polyvinyl chloride (PVC) plant at Ningbo in Zhejiang province for a 14-day turnaround, a company source said on Friday.

The plant was taken off line on 8 June and will be restarted on 23 June, the source said.

The plant was operating at 70-80% of capacity before the shutdown, the source added.

“We have ample inventories for a whole month of sales due to the bearish market,” said the source.

The company’s offer was at yuan (CNY) 7,000/tonne ($1,099/tonne) EXW (ex-works) on 8 June, according to the source.

Spot ethylene-based PVC prices in east China were assessed at CNY6,800-7,150/tonne CFR (cost & freight) on 8 June, according to Chemease, an ICIS service in China.

However, the transaction volume in China’s domestic market was limited, according to Chemease.

“The main reason is that supply always exceeds demand, making end-users reluctant to replenish their stocks,” a local trader said.

($1 = CNY6.37)

By: Cherry Huang

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