Sinopec hikes China PTA by 4.1%, cuts MEG by 2.3% in May

25 May 2009 04:26  [Source: ICIS news]

SINGAPORE (ICIS news)--China’s Sinopec sold its purified terephthalic acid (PTA) to the domestic market at a higher price in May but sold its monoethylene glycol (MEG) at a lower price compared to April's levels, company sources said on Monday.

The company hiked its May PTA price by yuan (CNY)300/tonne ($44/tonne) or 4.1% from the previous month to CNY 7,600/tonne delivered due to “strong demand among many of our customers,” said one of the sources.

For MEG in the same month, prices were lowered by CNY100/tonne or 2.3% to CNY 4,500/tonne delivered, said another source.

“Supply for MEG had been generally sufficient, so the price change was just a small one,” said the second source.

State-affiliated Sinopec is the largest supplier of the two fibre intermediates in the Chinese domestic market.

The major production bases of PTA and MEG in China include Yangzi Petrochemical’s plants in Nanjing, Shanghai Petrochemical’s units at Jinshan within Shanghai and Yanshan Petrochemical at the outskirts of Beijing.

($1 = CNY6.82)

Clytze Yan and Freya Tang of CBI China contributed to this article

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By: Salmon Aidan Lee
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