29 April 2013 03:06 [Source: ICIS news]
SINGPARE (ICIS)--PetroChina will reduce its price of May-delivery naphtha by yuan (CNY) 583/tonne ($95/tonne) to CNY5,673/tonne, effective 1 May, a company source said over the weekend.
The cut was made in line with weakened prices in the international markets this month.
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 for captive use.
However, it sells its excess stocks in the spot market, or when it can enjoy better margins in sales as compared with the margin it makes by processing naphtha into chemicals, industry sources said.
($1 = CNY6.16)
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