23 November 2012 03:46 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec has cut its orthoxylene (OX) list prices by yuan (CNY) 200/tonne ($32/tonne) to CNY10,800/tonne EXW (ex-works), a company source said on Friday.
The company reduced its list price in line with the weaker demand from the phthalic anhydride (PA) sector in the domestic market, industry sources said.
PA prices were assessed at CNY10,650/tonne EXWH (ex-warehouse) east China on 22 November, down by CNY200/tonne since 16 November, according to Chemease, an ICIS service in China.
Spot prices of OX are expected to continue falling in the near future because of weak PA demand, with the market participants expecting the outlook of the market to be weak, an industry source said.
($1 = CNY6.24)
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