SINGAPORE (ICIS)--China’s Yanzhou Coal Mining has restarted its 600,000 tonne/year methanol unit at Yulin in Shaanxi on 17 July, following the completion of maintenance which started on 23 June, a company official said on Friday.
The company expects to resume production in following week, the source said without disclosing the plant’s current operating rate.
The expected increase of the methanol supply in the domestic market following the plant’s restart is expected to dampen local buyers’ sentiment and weigh on spot prices in Shaanxi, according to a market player.
Methanol spot prices in Shaanxi on 18 July were at yuan (CNY) 2,130-2,170/tonne ($344-350/tonne), down by CNY40-50/tonne compared with prices on 11 July, according to Chemease, an ICIS service in China.
Yanzhou Coal Mining is a Shanghai-listed company owned by Yankuang Group.
($1 = CNY6.20)