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Petrochemical cos cut output to cope with sluggish market
20 Aug '08
1 min read
A sluggish market demand is having a rippling effect on petrochemical manufacturers in Taiwan who have chosen to cut production in order to escape losses.
For instance, CPC Corporation has recently initiated turnaround of its fifth naphtha cracking plant, the maintenence of which is expected to run for a period of 43 days.
However, a large number of petrochemical operators in the country are of the opinion that market demand is likely to rebound in September while the intermediate raw materials market is also expected to be stable and even get upbeat after the completion of Beijing Olympics and with the end of monsoon in Southeast Asian region.
Since the international prices of crude oil and naphtha have tumbled in a row, intermediate petrochemical raw materials have also witnessed a decline in prices resulting in an increase in the stocks of midstream petrochemical manufacturers.
Such discouraging circumstances have forced petrochemical companies to halt production and adopt a 'wait and watch' attitude until the market gets bullish.
For instance, CPC Corporation has recently initiated turnaround of its fifth naphtha cracking plant, the maintenence of which is expected to run for a period of 43 days.
However, a large number of petrochemical operators in the country are of the opinion that market demand is likely to rebound in September while the intermediate raw materials market is also expected to be stable and even get upbeat after the completion of Beijing Olympics and with the end of monsoon in Southeast Asian region.
Since the international prices of crude oil and naphtha have tumbled in a row, intermediate petrochemical raw materials have also witnessed a decline in prices resulting in an increase in the stocks of midstream petrochemical manufacturers.
Such discouraging circumstances have forced petrochemical companies to halt production and adopt a 'wait and watch' attitude until the market gets bullish.
Fibre2fashion News Desk - China
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