China’s Sinopec cuts July naphtha prices by CNY1,090/tonne

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)

By: Vivien Ma

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly