04 March 2013 06:03 [Source: ICIS news]
SINGAPORE (ICIS)--Sinopec has increased its naphtha prices on 1 March by yuan (CNY) 340/tonne ($55/tonne) to reflect the strengthening values of the petrochemical feedstock in the international markets, a company source said on Monday.
Sinopec's naphtha prices are now at CNY7,340/tonne EXW (ex-works), the source said.
Sinopec adjusts its naphtha prices monthly using the values in Japan and Singapore as benchmark.
The company keeps its naphtha resources primarily for captive use, but also sells to the spot market if there are excess stocks, or when it deems it can enjoy better margins rather than processing the feedstock into chemicals.
($1 = CNY6.23)
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