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Sinopec cuts benzene prices in South & East China
12
Oct '11
Sinopec Corp. has cut its ex-works benzene prices across South and East China citing weak local demand.

In South China, the company has reduced the price of benzene by 200 Yuan/ton or US$ 31/ton, to 8,000 Yuan/ton effective Monday. Sinopec Maoming, Sinopec Hainan and Sinopec Guangzhou were all selling benzene at 8,000 Yuan/ton.

A day earlier, the Chinese state-run company reduced prices by 300 Yuan/ton to 7,900 Yuan/ton in East China. Sinopec Jiujiang, Sinopec Shanghai, Sinopec Yangzi Petrochemical and Sinopec Zhenhai Refining & Chemical were all offering benzene at 7,900 Yuan/ton.

In addition to weak buying activity, factors leading to lowering of prices in East China were a projected 6,000 tons of benzene arriving in first half of October from South Korea, and another 3,000 tons from Thailand by end-October.

Normally, Sinopec undertakes revision of the prices after analyzing domestic demand from downstream manufacturers, FOB Korea benchmark prices for benzene, and current stock levels with its subsidiaries across the country.

The FOB Korea benzene benchmark price was being quoted at US$ 979.50/ton on October 10, a decrease of US$ 50.50/ton form the US$ 1,030/ton closing price on September 30, a day prior to the start of the long China Day holidays.

Fibre2fashion News Desk - China

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