28 October 2013 05:44 [Source: ICIS news]
SINGAPORE (ICIS)--Sinopec has reduced its settlement for October-delivery naphtha at yuan (CNY) 6,550/tonne ($1,077/tonne), down by CNY280/tonne from September, a company source said on Monday.
The price is on an ex-works (EXW) basis.
The cut was made to reflect weakening prices in international markets.
Sinopec announces its monthly naphtha settlements at the end of each month by considering international values in the month.
The company keeps its naphtha resources primarily for captive use. Extra stocks are sold in the spot markets or when it can enjoy better margins compared with processing the feedstock into chemicals, industry sources said.
($1 = CNY6.08)
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