03 July 2012 10:29 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec has cut its prices of July delivery naphtha by yuan (CNY) 1,090/tonne ($172/tonne) to CNY5,620/tonne EXW (ex-works), effective 1 July, a company source said on Tuesday.
Sinopec adjusts its naphtha price on the first day of each month and benchmarks it to Japan and Singapore’s average naphtha price from the previous month.
The major producer keeps it naphtha resources primarily for captive usage. Extra stocks are sold in the spot market or when Sinopec can fetch better margins compared with processing the feedstock into chemicals, industry sources said.
($1 = CNY6.35)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections