12 September 2013 09:16 [Source: ICIS news]
SINGAPORE (ICIS)--China's Luoyang Petrochemical plans to delay the restart of its 140,000 tonne/year polypropylene (PP) plant in Henan province to 20 September from 12 September, following its shutdown on 19 August, a company source said on Thursday.
The unit’s restart date was delayed as a result of buying resistance at the current PP prices, according to the source.
The turnaround at the PP unit has not made a significant impact on the local PP market because of its limited capacity, said local distributors.
Prices of PP raffia yarn were at yuan (CNY) 11,450-11,750/tonne ($1,871-1,919/tonne) EXWH (ex-warehouse) in the previous week, according to ICIS C1 data.
This has affected Luoyang Petrochemical’s profit margins and that led the producer to delay the PP unit’s restart, the source explained.
Meanwhile, the producer’s older PP unit, located at the same site with an 80,000 tonne/year capacity, is running at full rate.
($1 = CNY6.12)
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