03 June 2013 04:33 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec said on Monday it has cut its orthoxylene (OX) list prices by yuan (CNY) 200/tonne ($33/tonne) to CNY10,000/tonne.
The price is on an ex-works (EXW) basis.
Following the move, Sinopec's Zhenhai Refining & Chemical Co’s (ZRCC) and Sinopec’s Yangzi Petrochemical list prices were lowered to CNY10,000/tonne, according to a company source.
Sinopec reduced its list price in line with poorer demand from the phthalic anhydride (PA) sector in the domestic market, industry sources said.
Spot prices of OX are expected to continue falling in the near future because of weak PA demand, with participants holding a weak outlook for the market, an industry source said.
($1 = CNY6.13)
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