08 June 2012 11:18 [Source: ICIS news]
The export price of Chinese bitumen cargoes fell by $40/tonne (6.2%) to $600-605/tonne in June from last month, according to C1 Energy, an ICIS service in
Sinopec on 6 June announced its June bitumen contract price at $605/tonne FOB (free on board), down by $40/tonne from May's settlement, a Vietnamese trader said.
However no deals have yet been done, traders said.
“The price is equivalent to $635/tonne CFR (cost and freight)
Sinopec usually announces its contract prices for next month on the 25th day of each month, but this time it delayed the announcement by more than 10 days, mainly because there was a wait-and-see sentiment across the whole Asia bitumen market, a trader from
Maoming Petrochemical, a subsidiary of Sinopec, plans to export 8,000 tonnes of bitumen in June, a company source said.
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