PetroChina cuts Chinese domestic OX offers by CNY500/tonne

26 November 2012 07:07  [Source: ICIS news]

SINGAPORE (ICIS)--Chinese oil and gas producer PetroChina has reduced its domestic offers of orthoxylene (OX) by yuan (CNY) 500/tonne ($80/tonne), because of weak demand for phthalic anhydride (PA), a company source said on Monday.

The producer’s domestic offers of OX were at CNY10,400/tonne EXW (ex-works) on 26 November after the price reduction, the source added.

“China’s domestic OX prices were still mixed this week,” an industry source said.

“Many traders at Zhangjiagang port had intended to build up their stocks, but they remain cautious in purchasing because of an unclear market outlook,” the source added.

PetroChina’s new OX price applies to its refineries at Fushun in Liaoning province and Jilin city in northeastern China, the source said.

($1= CNY 6.23)

By: Yoyo Liu

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