05 December 2012 05:53 [Source: ICIS news]
SINGAPORE (ICIS)--China's Sinopec has reduced the price of its December-delivery naphtha by yuan (CNY) 170/tonne ($27/tonne) from November, effective from 1 December, a company source said on Wednesday.
The December price is at CNY6,880/tonne ex-works (EXW), the source added.
The cut was made to reflect weakening values in international markets.
Sinopec adjusts its monthly naphtha prices by benchmarking against Japan 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 the company can enjoy better margins compared with processing the feedstock into chemicals, industry sources said.
($1 = CNY6.23)
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