12 March 2013 10:01 [Source: ICIS news]
SINGAPORE (ICIS)--China's Xianglu Petrochemical has shut down its 1.65m tonne/year purified terephthalic acid (PTA) plant in Xiamen for maintenance that will last around five days, a source close to the company said on Tuesday.
If the margins remain poor after the plant is restarted, the producer will keep its operating rate at 80%-85% capacity, the source added.
Domestic spot PTA prices fell from yuan (CNY) 8,600/tonne ($1,383/tonne) to CNY8,000/tonne in the recent 2-3 weeks, according to Chemease, an ICIS Service in China.
Spot PTA prices are not likely to rebound in the near term, because of weak demand from downstream users such as polyethylene terephthalate (PET) producers, market sources said.
However, the shutdown of Xianglu Petrochemical’s PTA plant may help prices to stabilise, the sources added.
($1 = CNY6.22)
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