China’s Sinopec cuts sulphur offers for second time in Sept

11 September 2012 09:06  [Source: ICIS news]

SINGAPORE (ICIS)--China's major Sinopec has cut its offers for liquid and solid sulphur by yuan (CNY) 30-60/tonne ($4.7-9.5/tonne) from the 10 September’s close amid a weak buying sentiment in the market, a company source said on Tuesday.

It is for the second time that Sinopec has cut sulphur offers this month.

The liquid sulphur prices were reduced to CNY1,410-1,590/tonne EXW (ex-works) and solid sulphur prices were brought down to CNY1,450-1,680/tonne EXW on 11 September, the source added.

China’s sulphur market is subdued this week, and prices dropped in some regions,” an industry source said.

Players were still pessimistic about the market outlook leading to weak trading sentiment, a market player said.

The price decline applies to Sinopec’s refineries located in Hainan, Guangzhou, Zhenhai, Jinshan, Qilu, Tianjin, Cangzhou, Yanshan, Luoyang, Gaoqiao, Yangzi, Wuhan, Anqing, Jinling and Qingdao, the source said.

Sinopec’s Puguang gas field has also cut its offers for sulphur by CNY 60/tonne to CNY1,480/tonne EXW for cargoes at Wanzhou port and CNY1,450/tonne EXW for truck deals at Dazhou in Sichuan on Tuesday.

($1 = CNY6.34)

By: Natalie Hui

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