China’s Sinopec raises September naphtha price by CNY760/tonne
29 August 2012 10:01 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>China’s biggest refiner Sinopec has hiked its price of September-delivery naphtha by yuan (CNY) 760/tonne ($120/tonne) month on month to CNY6,830/tonne EXW (ex-works), effective from 1 September, a company source said on Wednesday.
Sinopec adjusts its naphtha price on the first day of each month and benchmarks it to Japan and Singapore’s mean prices in the previous month.
The company keeps its naphtha resources primarily 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 = CNY6.35)By: Vivian Ma+65 6780 4359
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