30 July 2013 08:40 [Source: ICIS news]
MELBOURNE (ICIS)--Zhenjiang LCY General Chemical’s 24,000 tonne/year methyl isobutyl ketone (MIBK) plant in China’s Jiangsu province remains off line following a turnaround because of weak market conditions, sources close to the company said on Tuesday.
The producer brought forward the start of the plant’s maintenance to early June instead of late July, and the plant was initially scheduled to resume MIBK production early this month.
It is unclear when Zhenjiang LCY will restart the MIBK unit, because the market remains well supplied by high volume of imports, the sources said.
China’s MIBK imports between January and June 2013 have exceeded the total volumes purchased in 2012, according to Chinese importers, citing the nation’s customs data.
Chinese buyers imported 27,347 tonnes of MIBK in the first six months of 2013, an increase of 13,770 tonnes from the same period last year, the importers said.
The yuan-denominated MIBK prices in China have slumped by 21% since mid-December 2012 to yuan (CNY)13,200-13,400/tonne ($2,153-2,186/tonne) ex-works by late July, according to data collated by ICIS.
Zhenjiang LCY is a subsidiary of Taiwanese company LCY Chemical, which also operates a 20,000 tonne/year MIBK plant at Linyuan in Taiwan.
($1 = CNY6.13)
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