29 March 2013 08:48 [Source: ICIS news]
SINGAPORE (ICIS)--PetroChina will cut its price of April-delivery naphtha by yuan (CNY) 504/tonne ($81/tonne) to CNY6,256/tonne effective 1 April, a company source said on Friday.
The company adjusts its naphtha prices on EXW (ex-works) basis each month by taking into account the international prices of the material in the previous month.
PetroChina primarily reserves its naphtha stocks for captive use.
However, it sells its excess stocks in the spot market, or when it can enjoy better return in sales as compared to the margin it makes by processing naphtha into chemicals, industry sources said.
($1 = CNY6.21)
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