CBIChina

Sinopec subsidiary Zhongyuan Petrochemical has delayed the restart of its 200,000 tonne/year cracker in Henan province to 20 July in line with Sinopec’s decision to continue ethylene production cuts, a company source said on Tuesday.
Zhongyuan had originally scheduled to restart its cracker and derivative units including a 200,000 tonne/year linear low density polyethylene (LLDPE) line and a 60,000 tonne/year polypropylene (PP) plant on 8 July following a month-long turnaround, which started on 3 June.
"Zhongyuan’s current polyethylene (PE) and PP stocks are quite low, amounting to around 1,100 tonnes and 60 tonnes respectively," the source said, adding that trades were very thin and selling prices were hovering at nearly cost levels.
Domestic polymer prices have fallen from mid-June levels and local producers have seen their inventories accumulate on inactive trades and bearish sentiment, sources said.
Sinopec had to lower its LLDPE ex-works prices by yuan (CNY)500/tonne ($73/tonne) to CNY 15,050/tonne ($2,194/tonne) on 7 July on low buying interest from distributors.