China's Sinopec has cut its local ex-works offer prices for benzene across the country by Yuan 200($30)/mt, or nearly 3%, to Yuan 7,200/mt, industry sources said Thursday.
In East China, Sinopec Shanghai, Sinopec Zhenhai Refining & Chemical, Sinopec Yangzi Petrochemical, and Sinopec Jiujiang were offering ex-works benzene at Yuan 7,200/mt, down from Yuan 7,400/mt on October 18.
Also, in South China, Sinopec Guangzhou, Sinopec Maoming and Sinopec Hainan were citing benzene offers at Yuan 7,200/mt versus Yuan 7,400/mt on October 18.
In North China, local producers such as Sinopec Beijing Yanshan and Sinopec Qilu were quoting benzene at Yuan 7,200/mt, compared with Yuan 7,400/mt on October 18.
Sinopec typically adjusts its prices after examining FOB Korea benchmark prices for benzene, domestic demand from downstream derivative producers and benzene inventory levels at its subsidiaries across China.
On October 18, the benzene benchmark stood at $978.50/mt FOB Korea and was pegged at $916.50/mt on Thursday.
In East China, Sinopec Shanghai, Sinopec Zhenhai Refining & Chemical, Sinopec Yangzi Petrochemical, and Sinopec Jiujiang were offering ex-works benzene at Yuan 7,200/mt, down from Yuan 7,400/mt on October 18.
Also, in South China, Sinopec Guangzhou, Sinopec Maoming and Sinopec Hainan were citing benzene offers at Yuan 7,200/mt versus Yuan 7,400/mt on October 18.
In North China, local producers such as Sinopec Beijing Yanshan and Sinopec Qilu were quoting benzene at Yuan 7,200/mt, compared with Yuan 7,400/mt on October 18.
Sinopec typically adjusts its prices after examining FOB Korea benchmark prices for benzene, domestic demand from downstream derivative producers and benzene inventory levels at its subsidiaries across China.
On October 18, the benzene benchmark stood at $978.50/mt FOB Korea and was pegged at $916.50/mt on Thursday.
