China's Sinopec cuts sulphur offers by CNY30-50/tonne on 6 April

06 April 2012 05:44  [Source: ICIS news]

SINGAPORE (ICIS)--China's Sinopec cut its offers for sulphur by yuan (CNY) 30-50/tonne ($4.75-7.92/tonne) on 6 April, a company source said on Friday.

Following the adjustment, offers for liquid sulphur will be at CNY1,650/tonne EXW (ex-works) and solid sulphur at CNY1,660-1,830/tonne EXW, the source said.

The price cut applies to deliveries from Sinopec’s refineries in Tianjin, Cangzhou, Yanshan, Luoyang and Maoming, according to the source.

The company’s Puguang gas field has also dropped its sulphur offers by CNY50/tonne EXW to CNY1,610/tonne EXW on 6 April for cargoes delivered at Wanzhou port in Chongqing, while its EXW offers by truck from Sichuan kept stable at CNY1,630/tonne, the source added.

"Little activity was seen in the domestic market this week, which leads to prices weakening in some regions," an industry source said.

"Market players’ confidence has been undermined in April because of the decline in Puguang's offer and few buying indications from end-users, " a market player said.

Sinopec last cut its sulphur offers on 30 March after a series of price hikes from early March.

($1 = CNY6.31)

By: Natalie Hui

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