02 August 2013 07:57 [Source: ICIS news]
SINGAPORE (ICIS)--Chinese traders are raising their domestic low density polyethylene (LDPE) film prices in line with Sinopec and PetroChina’s price hikes and on expectations of tight supply in August, industry sources said on Friday.
Local traders in east China raised their LDPE offers by yuan (CNY) 300-500/tonne ($48.90-81.60/tonne) to CNY11,950-12,400/tonne in the week.
PetroChina and Sinopec sales branches both hiked their LDPE offers in the week by CNY300-550/tonne ($48.90-89.70/tonne) compared with the previous week, local traders said.
Sinopec’s offers of LDPE are now at CNY12,100-12,300/tonne, whereas PetroChina’s offers are at CNY12,200-CNY12,600/tonne.
Meanwhile, the supply in China is expected to tighten in August on back of some planned and unplanned plant shutdowns in China, Chinese traders said.
Daqing Petrochemical’s 265,000 tonne/year LDPE unit in Heilongjiang province is scheduled to be shut for a 15-day turnaround on 5 August.
Yanshan Petrochemical’s LDPE units in Beijing, with a combined capacity of 380,000 tonnes/year, are planned to be shut for seven days of maintenance in late August.
CNOOC and Shell Petrochemicals Co’s (CSPC) 250,000 tonne/year LDPE unit at Huizhou in Guangdong province was shut because of an electrical malfunction on 1 August, and maintenance was estimated to last for four days.
($1 = CNY6.13)
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