China's Sinopec hikes October OX offer by $44/tonne

21 October 2009 04:37  [Source: ICIS news]

SINGAPORE (ICIS news)--China’s Sinopec has revised up its October list prices for orthoxylene (OX) by yuan (CNY) 300/tonne ($44/tonne), largely encouraged by firmer energy values as well as recent spikes in co-product paraxylene (PX) spot numbers, buyers and traders said on Wednesday.

Its initial October offer was at CNY6,800-6,900/tonne DEL (delivered), a rollover from its September prices.

Firmer domestic prices have also encouraged imports and spot offers in the key Chinese market for OX to hit $900/tonne on a CFR (cost and freight) basis last week although limited deals were spotted, market sources said.

Mixed xylene is the upstream of OX while PX is an OX co-product.

PX prices shot up $55/tonne from the previous week to settle at $920-930/tonne CFR China Main Port on Friday.

($1 = CNY6.83)

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By: Yu Guo
+65 6780 4359



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