Tightening Acetic Acid Supply in Asia Causes Acetate Spot Price to Hit a New High in 6 Months in South Asia
According to reports, due to the tight supply of acetic acid in Asia, the spot price of acetic acid in South Asia hit a new high in six months, market participants said on Monday. Tensions in the market have led Indian end-users to increase their offer prices for May shipments. In May, India’s offer price for May was US$580/tonne CFR India, an increase of US$50/ton from last week. Since March, the supply of acetic acid to India has decreased significantly due to the fact that some of the major acetic acid producers in the region have entered a centralized overhaul period, and due to poor profitability, some of the acetic acid plants in Southeast Asia and the Middle East have reduced their production. According to ICIS, as of April 20th, the Indian spot price of acetate was US$530/ton CFR India, the highest in June, and the end of March was a four-month low of approximately US$465/ton CFR India. According to production news, a global manufacturer said that it has closed its 500,000 tons/year acetic acid plant in Southeast Asia since mid-March. In Malaysia, BP Petronas Acetyl Corp. plans to close the 535,000 tonne/year facility in Kertih in early May for a two-week overhaul. The factory's current operating load rate is only about 60%. On the other hand, due to the Iranian sanctions imposed by the West on the Iranian cargo, it could not be loaded into the Indian market, which in turn exacerbated the shortage of acetic acid in India. At the same time, Chinese acetic acid producers and traders said that because some of the domestic acetic acid plants are being or will be overhauled, the current spot has also been sold out. Prices in Northeast Asia have also increased to 500-510 US dollars / ton FOB Taiwan / South Korea. High Speed Door For Intelligent Garage Use Garage High Speed Door, High Speed Garage Door, PVC High Speed Garage Door, Aluminum High Speed Garage Door SHENZHEN HONGFA AUTOMATIC DOOR CO., LTD , https://www.hongfahsrs.com