04 February 2013 05:33 [Source: ICIS news]
SINGAPORE (ICIS)--PetroChina has cut naphtha prices for February-delivery by CNY58/tonne ($9/tonne) from January to CNY6,363/tonne effective from 1 February, a company source said on Monday.
The company adjusts its naphtha prices EXW (ex-works) each month by taking into account international prices in the previous month.
The company primarily reserves its naphtha stocks for captive use.
However, it sells its excess stocks in the spot market or when it can enjoy better margins in sales as compared to the margin it makes by processing naphtha into chemicals, industry sources said.
($1 = CNY6.23)
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