31 October 2012 09:38 [Source: ICIS news]
SINGAPORE (ICIS)--PetroChina will cut its naphtha prices in the domestic market by yuan (CNY) 150/tonne ($24/tonne) to CNY6,001/tonne EXW (ex-works), effective 1 November, a company source said on Wednesday.
The price cut for November shipments reflects the weakening naphtha values in international markets, the source said.
PetroChina primarily reserves its naphtha stocks for captive use and sells excess stocks in the spot market.
It also sells naphtha in the spot market opportunistically, if better margins could be derived compared with processing the product into chemicals, industry sources said.
($1 = CNY6.24)
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