04 January 2013 09:48 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec has raised the price of January-delivery naphtha by yuan (CNY)20/tonne ($3.2/tonne) from December to CNY6,900/tonne, effective from 1 January 2013, a company source said on Friday.
The hike on ex-works basis (EXW) was made to reflect firming values in the 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 the spot market 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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