01 April 2013 08:07 [Source: ICIS news]
SINGAPORE (ICIS)--China's Sinopec has cut the price of its April-delivery naphtha by yuan (CNY) 540/tonne ($87/tonne), effective from 1 April, a company source said on Monday.
The price of naphtha for April delivery is CNY6,800/tonne EXW (ex-works). The trim is to reflect weakening 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 markets or when the company can enjoy better margins compared with processing the feedstock into chemicals, industry sources said.
($1 = CNY6.22)
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