10 July 2013 09:50 [Source: ICIS news]
MELBOURNE (ICIS)--South Korea's Lotte Chemical is capping the operating rate at its 50,000 tonne/year butyl glycol (BG) plant in Daesan at 85-90% of capacity because of weak market conditions, a company source said on Wednesday.
The company reduced the plant’s operating rate to about 70% capacity between late June and early July to facilitate repairs.
However, since the completion of repairs, Lotte Chemical has decided not to resume full BG output until margins improve, the source added.
Spot prices of BG into China, the regional benchmark, have declined by nearly 14% since mid-March to settle at $1,470/tonne (€1,147/tonne) CFR (cost & freight) China in early July, according to ICIS data.
($1 = €0.78)
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