29 May 2012 08:59 [Source: ICIS news]
SINGAPORE (ICIS)--Sinopec is to cut the price of its naphtha for June deliveries by yuan (CNY) 940/tonne ($148/tonne) to CNY6,710/tonne ex-works (EXW) effective 1 June, the company said on Tuesday.
The Chinese state oil and gas company adjusts its naphtha price on the first day of each month, and benchmarks Japan and Singapore mean prices in the last month for deciding this month’s price.
The company primarily keeps its naphtha resources for captive use. Extra stocks are sold in spot markets or when it can enjoy better margins compared with processing the feedstock into chemicals, industry sources said.
($1 = CNY6.34)
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