SINGAPORE (ICIS)--Sinopec reduced it benzene price in China by CNY (yuan) 200/tonne as a result of soft domestic market, a company source said on Tuesday.
It is the third time for Sinopec to reduce its benzene price in February with a total reduction of CNY 450/tonne.
The ex-work benzene price of Sinopec in east China, south China, central China and north China were all reduced to CNY 6,750/tonne.
There is little buying interest in the market ahead of the Lunar New Year holidays.
Spot offers from traders were down despite benzene prices in Asia market having rebounded after a one way side drop last week.
The closing price of benzene in east China was CNY6,750-6,850/tonne last Friday, and the offer of spot had dropped to CNY6,750/tonne on Tuesday.