01 October 2012 03:04 [Source: ICIS news]
SINGAPORE (ICIS)--PetroChina has raised October naphtha prices by yuan (CNY) 460/tonne ($73/tonne) from September to CNY6,151/tonne EXW (ex-works), with effect from 1 October, a company source said on Monday.
The price hike was implemented to reflect the firming naphtha prices in international markets.
PetroChina adjusts its naphtha prices each month by taking into account of the naphtha prices in international markets in the previous month.
The company primarily reserves its naphtha stocks for captive use.
PetroChina would sell its excess stocks in the spot market or when it can enjoy better margins compared with processing the product into chemicals, industry sources said.
($1 = CNY6.29)
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