China’s Sinopec cuts sulphur offers for third time in September

25 September 2012 09:39  [Source: ICIS news]

SINGAPORE (ICIS)--China's major Sinopec cut its offers for liquid and solid sulphur by yuan (CNY) 40.00-70.00/tonne ($6.30-11.10/tonne) on 24 September amid weak buying sentiment in the market, a company source said on Tuesday.

This is the third time that Sinopec has cut sulphur offers in this month.

The liquid sulphur prices were reduced to CNY1,370-1,550/tonne EXW (ex-works) and solid sulphur prices were brought down to CNY1,440-1,640/tonne EXW on 24 September, the source added.

China’s domestic sulphur market was soft this week, with continued price declines occurring in most regions,” an industry source said.

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

Sinopec’s Puguang gas field has also cut its offers for sulphur, by CNY60/tonne to CNY1,420/tonne EXW for cargoes at Wanzhou port and by CNY 70/tonne to CNY1,380/tonne EXW for truck deals at Dazhou in Sichuan on Tuesday, the company source said.

($1 = CNY6.31)

By: Natalie Hui

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