04 February 2013 03:15 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec has raised the price of its February-delivery naphtha by yuan (CNY) 100/tonne ($16/tonne) from January to CNY7,000/tonne, effective from 1 February, a company source said on Monday.
The price hike on an ex-works (EXW) basis was made to reflect firming 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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