14 June 2013 04:04 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Shanghai Wujing is gradually raising operating rates at its 450,000 tonne/year acetic acid plant located at Wujing, Shanghai, after its restart on 11 June following a turnaround, a company official said on Friday.
The exact operating rates were not disclosed.
The Wujing acetic acid plant was taken off line on 20 May for a turnaround and the plant was running at 80-90% capacity prior to the shutdown.
Domestic acetic acid offers in the Jiangsu region, eastern China, remained firm at yuan (CNY) 2,900-,3000/tonne ($473-489/tonne) ex-tank during the week ended 14 June, reflecting a CNY50/tonne week-on-week hike.
However, further upsides may be capped as the supply tightness was expected to ease in the coming weeks whereas downstream demand conditions were largely unchanged, a local acetic acid producer said.
“Acetic Acid spot prices have been firming since mid-May but further increases may be limited because the snug supply situation may ease by next week since normal production has resumed at the affected acetic acid plants,” a Jiangsu-based producer said.
Major acetic acid producers in Asia include BP, Celanese, China’s Jiangsu Sopo, Shanghai Wujing, Yankuang Cathay Coal Chemicals and Taiwan’s Chang Chun Petrochemical.
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