China’s Sinopec cuts sulphur offers by CNY30-40/tonne
31 October 2012 07:44 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>China's major Sinopec cut its offers for liquid and solid sulphur by yuan (CNY) 30.00-40.00/tonne ($4.81-6.41/tonne) on 31 October amid high inventory, a company source said on Wednesday.
The liquid sulphur prices were reduced to CNY1,330-1,510/tonne EXW (ex-works) and solid sulphur prices were brought down to CNY1,410-1,600/tonne EXW on 31 October, the source added.
“China’s domestic sulphur prices were still mixed this week, many traders at Nantong port intended to build stocks, but they remained cautious in purchasing because of an unclear market outlook,” an industry source said.
The price decline applies to Sinopec’s refineries located at Qilu, Qingdao, Zhenhai, Anqing, Gaoqiao, Luoyang, Tianjin, Cangzhou, Yanshan, Jinshan, Yangzi and Jinling, the source said.
Sinopec’s Puguang Gas Field has also cut some of its sulphur offers on 31 October.
The company lowered its EXW prices by CNY30/tonne to CNY1,310/tonne for truck goods at Dazhou in Sichuan, while prices at Wanzhougang port were mostly stable at CNY1,420/tonne, the company source said.
($1 = CNY6.24)By: Natalie Hui
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