06 December 2012 06:30 [Source: ICIS news]
Sinopec Beijing Yanshan cut its phenol price by yuan (CNY) 200/tonne ($32/tonne) to CNY10,700/tonne EXW on 5 December, its fourth consecutive week-on-week price reduction since the week ended 16 November, the market sources said.
The producer dropped its phenol prices three times during the two preceding weeks. The last price reduction, of CNY50/tonne, was implemented over the weekend of 1-2 December.
Meanwhile, Sinopec Shanghai Gaoqiao lowered its phenol price by CNY150/tonne to CNY11,000/tonne EXW (ex-works) on 5 December, its second consecutive week-on-week price reduction.
The latest phenol price cuts implemented by Sinopec were underpinned by slowing year-end downstream demand and rising inventories, the market sources added.
($1 = CNY6.23)
Additional reporting by Trisha Huang
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