03 December 2012 03:18 [Source: ICIS news]
SINGAPORE (ICIS)--PetroChina has cut its naphtha prices by CNY152/tonne ($24/tonne) to CNY5,849/tonne ex-works (EXW), effective on 1 December, a company source said on Monday.
The price reduction for December deliveries reflects the weakening naphtha values in international markets, the source said.
PetroChina adjusts its naphtha prices each month by taking into account of the naphtha prices in international markets in the previous month.
The company primarily reserves its naphtha stocks for captive use, and sells to the spot market any excess stocks. It also taps the spot market to sell naphtha when better margins can be generated compared with processing the product into chemicals, industry sources said.
($1 = CNY6.23)
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