01 June 2012 05:33 [Source: ICIS news]
PetroChina cut its June naphtha prices by yuan (CNY) 897/tonne ($141/tonne) EXW (ex-works) to CNY5,746/tonne effective 1 June, a company source said.
The company primarily keeps it 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.
Earlier in the week Sinopec had announced reducing its naphtha price for June deliveries by CNY940/tonne over May to CNY6,710/tonne EXW.
Asian naphtha is on a decline because of poor demand and several cracker turnarounds, industry sources say.
($1 = CNY6.37)
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