02 November 2012 09:08 [Source: ICIS news]
SINGAPORE (ICIS)--China’s state-owned firm Sinopec has reduced prices of its November-delivery naphtha by yuan (CNY) 130/tonne ($21/tonne) from October price to yuan (CNY) 7,050/tonne ex-works (EXW), a company source said on Friday.
Sinopec adjusts its naphtha price on the first day of each month and benchmarks it to Japan’s and Singapore’s mean prices in the previous month.
The company keeps its naphtha resources primarily for captive use. Extra stocks are sold in spot markets or when it can enjoy better margins compared with processing the feedstock into chemicals, industry sources said.
($1 = CNY6.24)
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