06 March 2012 06:23 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec said on Tuesday it has cut its orthoxylene (OX) list prices by yuan (CNY) 400/tonne ($63.40/tonne) to CNY11,800-11,900/tonne EXW (ex-works).
Following the move, Sinopec's Zhenhai Refining & Chemical Co’s (ZRCC) list prices were lowered to CNY11,800/tonne, while that of Sinopec’s Yangzi Petrochemical fell to CNY11,900/tonne, according to a company source.
The company reduced its list price in line with the poorer demand from the phthalic anhydride (PA) sector in the domestic market, industry sources said.
PA prices fell by CNY400/tonne over the last two weeks to CNY11,800/tonne EXW on 5 March, according to Chemease, an ICIS service in China.
Spot prices of OX are expected to continue falling in the near future because of weak PA demand, with participants holding a weak outlook on the market, an industry source said.
($1 = CNY6.31)
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