CNOOC initiates price hike in east China on higher bitumen demand

28 August 2013 07:51  [Source: ICIS news]

SINGAPORE (ICIS)--China National Offshore Oil Corporation (CNOOC) initiated hikes in bitumen prices in east China on 27 August in view that demand is growing stronger amid busier road constructions in the region, market sources said on Wednesday.

The trading prices of bitumen from its east China-based subsidiaries — China Offshore Oil & Gas (Taizhou) and China Offshore Bitumen (Taizhou) — thus increased to yuan (CNY) 4,600/tonne ($752/tonne) from CNY4,550/tonne previously, local traders said.

This was the first price hike in east China since late February, ICIS C1 data showed.

Other local refiners, which are also experiencing steady bitumen sales amid good demand, may follow suit in the near term, an industry source said.

($1 = CNY6.12)

By: Lisa Wang

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