01 December 2011 07:09 [Source: ICIS news]
Sinopec reduced its ex-refinery price of naphtha by yuan (CNY) 110/tonne ($17/tonne) to CNY6,480/tonne, inclusive of tax, on 1 December, while PetroChina’s ex-refinery price of December naphtha is at CNY5,697/tonne , inclusive of tax, down by CNY143/tonne from November, according to the sources.
The two companies primarily keep their naphtha output for captive use.
Excess stock is sold to the spot market or when the two companies can enjoy better margins compared with processing the feedstock into chemicals, industry sources said.
($1 = CNY6.38)
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