12 December 2012 01:40 [Source: ICIS news]
MELBOURNE (ICIS)--China’s Rizhao Jiahong Biological Technology has cut the operating rate of its 100,000 tonne/year ethyl acetate (etac) plant at Rizhao in Shandong province to 70% capacity in response to poor market conditions, a company source said on Wednesday.
The producer cut its etac output to 70% capacity over the weekend of 8-9 December, from about 90% capacity previously, the company source said.
“We plan to keep our plant running at no higher than 70% in the near term,” the source added.
Domestic etac prices in eastern China have declined by 5.9% since the week ended 12 October to settle at yuan (CNY) 5,950-6,100/tonne ($952-976/tonne) EXW (ex-works) for the week ended 7 December, according to Chemease, an ICIS service in China.
In comparison, the prices of feedstock ethanol in Jiangsu have lost 2.2% over the same period to close at CNY6,200-6,500/tonne EXW for the same week, according to Chemease data.
($1 = CNY6.25)
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