China’s Sinopec hikes sulphur offers by CNY20-30/tonne

21 March 2012 03:30  [Source: ICIS news]

SINGAPORE (ICIS)--China's Sinopec has increased its offers for sulphur by yuan (CNY) 20-30/tonne ($3-5/tonne) on Tuesday, given its low inventory of the product, a company source said.

“Liquid sulphur is offered at CNY1,700-1,760/tonne and solid sulphur is offered at CNY1,750-1,810/tonne,” the source said late on Tuesday.

The price increase applies to Sinopec’s refineries in Jiujiang, Wuhan, Anqing, Zhenhai, Jinshan and Gaoqiao, the source said.

The company’s Puguang Gas field has also increased its sulphur offers by CNY30/tonne to CNY1,660/tonne EXW (ex-works) for cargoes delivered by truck in Sichuan, while its EXW offers at Wanzhou port were unchanged at CNY1,710/tonne, the source added.

Sinopec’s price hikes are in line with the uptrend in sulphur prices in the Middle East, a trader said.

Saudi Aramco Trading has started negotiations for second-quarter contracts, with offers at $195-200/tonne FOB (free on board), which is $20/tonne higher compared with first-quarter contract values, traders said.

($1 = CNY6.32)

By: Natalie Hui

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