China's Sinopec cuts domestic benzene prices ahead of Lunar New Year

Source: ICIS News


SINGAPORE (ICIS)--Sinopec on Friday cut its domestic benzene prices by yuan (CNY) 200/tonne, according to a company source.

Sinopec’s ex-work prices of benzene in east, south, north and central China were all dropped to CNY6,900/tonne after the adjustment.

The cut was made as there are fewer deals and discussions in the market ahead of the Lunar New Year holiday.

The drop was also made in tandem with the downtrend seen in the regional benzene market.

Discussion levels for spot benzene in east China dropped to CNY6,900-6,950/tonne on 8 February from CNY7,000-7,100/tonne on 9 February, according to ICIS data.