25 April 2013 09:16 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Chongqing Pengwei Petrochemical is looking to restart its 900,000 tonne/year purified terephthalic acid (PTA) plant at Fuling in Sichuan province in early May, a company source said on Thursday.
The unit was shut in early February and has been idle for three months because of squeezed margins, the source said.
“We have purchased some raw material [paraxylene (PX)] for delivery in May. PTA economics have also seen some improvements in April,” the source said.
The spot average price of PTA so far in April is around $1,045/tonne (€805/tonne) CFR CMP (China Main Port), according to ICIS.
However, the average of spot feedstock PX prices and the Asian Contract Price (ACP) in April so far is around $1,436/tonne CFR CMP, according to ICIS.
The spread between PTA spot price and raw material cost rose to $90/tonne in April, which is higher than $42/tonne seen in March.
($1 = €0.77)
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