Sinopec reduces October naphtha settlement by CNY280/tonne

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)


By: Lv Fei
+65 6780 4327



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly