SINGAPORE, July 16 (Reuters) - South Korea’s YNCC has fully restored operational rates at its 1.9 million tonnes per year (tpy) naphtha cracking complex on Monday as improved petrochemical profits promoted it to raise runs, traders said.
YNCC had in late May reduced utilization rates at its cracking complex to around 90 percent in the face of squeezed margins. But the tide has changed recently due to demand from China, Asia’s top petrochemical importer.
“Petrochemical margins were really bad back in June, but these have improved as China was restocking over the last two-three weeks,” said a trader.
Reporting by Seng Li Peng; editing by Miral Fahmy