The head of Asian Methanol Market Service Co. (MMSA) said recently that due to the strong demand in China, the supply of acetic acid in Asia will continue in 2006.
The rapid economic growth in China and the acceleration of polyester fiber industrialization drive the growth of acetic acid demand. Currently, China imports 500,000 tons of acetic acid per year, but the market supply is less than expected. The recent shutdowns in Taiwan and the mainland of China and the reduction in operating rates have caused Asian spot prices for acetate to rise by $10 to $30/tonne in February to $630 to $650/tonne (CFR Asia). Analysts believe that although raw material prices are high, acetic acid producers using the methanol carbonylation process can still obtain 230-260 US dollars / ton of gross profit, the key is that the price of methanol is relatively cheap. He also said that methanol supply will be tight in the first half of this year and may even last longer. According to Asian Methanol Market Service Company, the demand for vinyl acetate monomer in Asia will increase by 4% in the next five years. The demand for refined terephthalic acid (PTA) will increase by 10%/year in the same period, because Asia, especially China's PTA, will further expand its production capacity. . Based on this calculation, in 2006, about 1.84 million tons of acetic acid would be needed for the production of vinyl acetate monomer in Asia, and 1.17 million tons of acetic acid would be needed for PTA production. This year, the total demand for acetic acid in Asia will reach 4.54 million tons. The total global demand for acetic acid this year is estimated to be 8.28 million tons, of which 4.18 million tons for vinyl acetate monomer and 1.65 million tons acetate for PTA production.
Analysts pointed out that if Celanese Nanjing 600,000 tons / year acetic acid project put into operation at the end of 2006, will be able to effectively alleviate the tight supply of acetic acid in Asia. However, Celanese said that considering the market conditions, it may postpone production in the first half of 2007. It is estimated that Celanese may start production ahead of schedule as the market situation is changing and its profitability is improving.
The rapid economic growth in China and the acceleration of polyester fiber industrialization drive the growth of acetic acid demand. Currently, China imports 500,000 tons of acetic acid per year, but the market supply is less than expected. The recent shutdowns in Taiwan and the mainland of China and the reduction in operating rates have caused Asian spot prices for acetate to rise by $10 to $30/tonne in February to $630 to $650/tonne (CFR Asia). Analysts believe that although raw material prices are high, acetic acid producers using the methanol carbonylation process can still obtain 230-260 US dollars / ton of gross profit, the key is that the price of methanol is relatively cheap. He also said that methanol supply will be tight in the first half of this year and may even last longer. According to Asian Methanol Market Service Company, the demand for vinyl acetate monomer in Asia will increase by 4% in the next five years. The demand for refined terephthalic acid (PTA) will increase by 10%/year in the same period, because Asia, especially China's PTA, will further expand its production capacity. . Based on this calculation, in 2006, about 1.84 million tons of acetic acid would be needed for the production of vinyl acetate monomer in Asia, and 1.17 million tons of acetic acid would be needed for PTA production. This year, the total demand for acetic acid in Asia will reach 4.54 million tons. The total global demand for acetic acid this year is estimated to be 8.28 million tons, of which 4.18 million tons for vinyl acetate monomer and 1.65 million tons acetate for PTA production.
Analysts pointed out that if Celanese Nanjing 600,000 tons / year acetic acid project put into operation at the end of 2006, will be able to effectively alleviate the tight supply of acetic acid in Asia. However, Celanese said that considering the market conditions, it may postpone production in the first half of 2007. It is estimated that Celanese may start production ahead of schedule as the market situation is changing and its profitability is improving.
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