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China Ningbo Mitsubishi to keep PTA plant rates at 100% despite negative margins

Increase font size  Decrease font size Date:2012-07-26   Views:1142
China's Ningbo Mitsubishi Chemical will continue to run its 600,000 mt/year purified terephthalic acid plant in Ningbo, China, at full capacity for now despite negative margins, a source close to the company said Friday.

The source said the 100% run rates at the plant -- which was restarted early June following a turnaround that began mid-May -- pointed to lower PTA import volumes into China.

China's May PTA imports rose 12.1% from a month earlier to 385,924 mt, according to Chinese Customs. But industry sources said China's PTA imports are expected to fall from June as PTA producers in Taiwan and South Korea -- key PTA exporters to China -- have reduced PTA plant operations due to negative margins amid high paraxylene feedstock costs.

According to Platts data, the PTA margin averaged minus $49.97/mt in June, worsening from minus $26.63/mt in May.
 
 
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