31 May 2013 09:39 [Source: ICIS news]
SINGAPORE (ICIS)--PetroChina will cut its price of June-delivery naphtha by yuan (CNY) 121/tonne ($19.80/tonne) from May levels to reflect weakened values in international markets, a company source said on Friday.
The company’s June prices will be CNY5,552/tonne ex-works (EXW), effective 1 June, the source said
The company adjusts its naphtha prices each month based on international prices 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 to the margin it makes by processing naphtha into chemicals, industry sources said.
($1 = CNY6.12)
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