China’s toluene prices likely to rise on limited supply

11 April 2012 10:46  [Source: ICIS news]

SINGAPORE (ICIS)--China’s toluene prices are expected to rise in late April amid stable downstream demand because of limited supply, an industry source said on Wednesday.

China’s Sinopec reduced spot toluene output by more than 10,000 tonnes in east China in April, as the country raised gasoline and diesel prices by yuan (CNY) 600/tonne ($95.1/tonne) from 20 March, a company source said.

Maoming Petrochemical, which is a subsidiary of Sinopec in Guangdong province, will cut its toluene output by 2,000 tonnes in April because of lower ethylene feedstock, a company source said.

Sinopec had announced on 21 March that it was cutting ethylene production by 30,000 tonnes in March at its five refineries and boosting oil products output instead.

The five refineries include Maoming Petrochemical, Yanshan Pectrochemical and Zhongyuan Petrochemical.

The spot prices of toluene in south China were assessed at CNY 9,050/tonne ex-tank on 10 April, while the prices in east China were assessed at CNY 9,250 tonne ex-tank on the same day, according to Chemease, an ICIS service in China.

($1 = CNY6.31)

By: Doris Shen

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