01 October 2012 04:05 [Source: ICIS news]
The region may be the first in
Local major refiners are producing 8,000 tonnes/day of bitumen while minor refiners are producing around 2,000 tonnes/day at present, ICIS data showed.
On average, local refiners can sell around 6,000 tonnes/day of bitumen, with approximately half delivered by trucks and the rest via rail and ships. Thus, there are 4,000 tonnes of excess output each day, said a trader based in
The insufficient carrying capacity of railways and ships are also impacting sales, the trader added.
The sales of major refiners were further curbed as products from minor refiners have presented a price advantage since late September. The mainstream traded prices of product from minor refiners were at CNY4,800-4,850/tonne ($763-771/tonne) on 28 September, CNY150-200/tonne lower than major refiners’ prices, market sources said.
The prices of domestic bitumen are at CNY4,975/tonne currently, up by CNY275/tonne on the back of increasing demand and stronger international crude prices from late July, ICIS data showed.
($1 = CNY6.29)
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