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Sinopec's petchem cuts to affect its PE output |
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China-based Hebei Jinniu Chemical cut the operating rate at its polyvinyl chloride (PVC) plant by 50% this Monday due to high feedstock costs and a falling PVC market, a company source said on Tuesday.
The 230,000 tonne/year plant was running at 50% presently, the source said adding high feedstock cost squeezed their margins.
The plant adapted a mixed-processing production technology using feedstock calcium carbide and ethylene dichloride (EDC).
Domestic prices of PVC fell by yuan(CNY)400-500/tonne from late August, now carbide-based PVC were CNY7,500/tonne on ex-works(EXW) and ethylene-based products prices slipped to CNY 7,800-8,100/tonne basis amid bearish demand, traders said.
Jinniu Chemical, previously named Hebei Cangzhou Chemical, applied for bankruptcy due to financial problems last year. At the end of 2007, Hebei Jinniu Energy Group acquired the company and then changed its name to current Hebei Jinniu Chemical.
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