China’s Sinopec cuts phenol price for a third time in October

24 October 2012 08:19  [Source: ICIS news]

MELBOURNE (ICIS)--Major Chinese phenol/acetone producers Sinopec Shanghai Gaoqiao and Sinopec Beijing Yanshan reduced their domestic phenol prices on Wednesday, company sources said.

Both producers reduced their phenol prices by yuan (CNY)100/tonne ($16/tonne) to CNY10,800/tonne EXW (ex-works), effective immediately.

The latest phenol price cut was the producers’ third phenol price reduction in October prompted by the ongoing slow demand and rising supply, following the 6 October commissioning of Shandong Lihuayi’s new phenol/acetone plant.

Meanwhile, the producers raised their acetone prices by CNY200/tonne to CNY8,100/tonne EXW.

Additional reporting by Trisha Huang

($1 = CNY6.25)

By: Jenny Yi

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