27 September 2013 08:30 [Source: ICIS news]
SINGAPORE (ICIS)--Sinopec has settled September-delivery naphtha at yuan (CNY) 6,830/tonne ($1,116/tonne), up by CNY290/tonne compared with August, a company source said on Friday.
The price is on an ex-works (EXW) basis.
Sinopec announces its monthly naphtha settlements at the end of each month after taking into account naphtha price movements in the international market.
The company keeps its naphtha resources primarily for captive use. Extra stocks are sold in the spot market or when the company can enjoy better margins compared with processing the feedstock into chemicals, industry sources said.
($1 = CNY6.12)
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