China's Sinopec cuts sulphur offers by CNY30-70/tonne

30 March 2012 08:27  [Source: ICIS news]

SINGAPORE (ICIS)--China's Sinopec cut its offers for sulphur by yuan (CNY) 30-70/tonne ($5-11/tonne) on Friday, after a series of price hikes since early March, a company source said.

Offers for liquid sulphur are at CNY1,670-1,720/tonne EXW (ex-works) and solid sulphur at CNY1,620-1,860/tonne EXW, the source said.

The price cut applies to Sinopec’s refineries in Hainan, Maoming, Qingdao, Cangzhou, Yanshan, Tianjin and Qilu, the source said.

The company’s Puguang gas field has also dropped its sulphur offers by CNY70/tonne EXW to CNY1,660/tonne EXW for cargoes delivered at Wanzhou port, while its EXW offers by truck in Sichuan were cut by CNY30/tonne to CNY1,630/tonne, the source added.

Only offers from refineries in Anqing and Wuhan increased by CNY20/tonne to CNY1,820-1,850/tonne EXW because of an annual maintenance shutdown at a refinery in Anqing and low refinery inventories at Anqing and Wuhan, the source added.

"The domestic market was relatively gloomy during the week, with few deals done. Sinopec's declining offers dampened some market players’ confidence," an industry source said.

Offers for imported granules generally hovered at around CNY1,680/tonne during the week at Nantong port, but prices failed to boost sales and trading volumes were limited, a market player said.

($1 = CNY 6.30)


By: Natalie Hui



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