Refineries affiliated to Sinopec received instruction from the headquarters on holding their offers of LPG stable at current levels, market sources said.
Yanshan Petrochemical, Tianjin Petrochemical and Luoyang Petrochemical in North China all kept their quotations steady Wednesday, where a few major refineries cut LPG supply on turnarounds; however, most of the refineries in Shandong, East, Central and South China had to reduce LPG prices under sales pressures, according to the sources.
The information was confirmed later by sources with some of the refineries.
Lofty LPG prices have already severely dampened buying interest of distributors, so market sentiment might become more sluggish if the prices retreated little, many traders deemed.
PetroChina Kunlun Gas had no plan to stabilize LPG price at the month and it would continue to fix LPG ex-refinery prices according to market fundamentals, according to a source with PetroChina.
Kunlun Gas has taken over LPG wholesale business of most refineries underlying PetroChina.
Yanshan Petrochemical, Tianjin Petrochemical and Luoyang Petrochemical in North China all kept their quotations steady Wednesday, where a few major refineries cut LPG supply on turnarounds; however, most of the refineries in Shandong, East, Central and South China had to reduce LPG prices under sales pressures, according to the sources.
The information was confirmed later by sources with some of the refineries.
Lofty LPG prices have already severely dampened buying interest of distributors, so market sentiment might become more sluggish if the prices retreated little, many traders deemed.
PetroChina Kunlun Gas had no plan to stabilize LPG price at the month and it would continue to fix LPG ex-refinery prices according to market fundamentals, according to a source with PetroChina.
Kunlun Gas has taken over LPG wholesale business of most refineries underlying PetroChina.
