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Naphtha exports accelerate while imports decline
Sep '08
Available statistics show that China's exports of naphtha reached 1.185 million tons in January to July, a year-on-year increase of 65.67 percent, while imports registered 274,000 tons over the same period, showing a yearly decline of 63.18 percent.

China's position as naphtha exporter continues to be solid. Increasing international oil prices in 2008 can be considered as one of the main reasons for China's soaring exports and plunged imports in naphtha.

Insiders from Refinery industry said, international crude oil price have seen high level of oscillation in 2008, directly affecting global naphtha price to set new highs. It encourages huge domestic naphtha to flow into export channel; meanwhile domestic users have procured locally produced naphtha in huge quantities, at low cost, and thus imports have reduced.

At present, every month, naphtha produced at Xitai, Dalian plants are mainly exported to Japan and South Korea.

Meanwhile, huge amount of naphtha has been imported by China National Offshore Oil Corporation (CNOOC) via Kowloon Customs into Huizhou, Guangdong, to be used in its ethylene project (800,000 tons / year) and Shell in Daya Bay.

Prices of naphtha in the domestic region are showing fluctuation. This is quite evident from the fact that ex-factory price of naphtha from SINOPEC for September 2008 sharply declined by 1,220 yuan per ton, from 9360 yuan per ton in August to 8,140 yuan per ton.

Among the prices, the ex-factory price from Tahe branch for supply to eastern chemical companies is down from 8,860 yuan per ton to 7,640 yuan per ton.

The pronounced prices are implemented from September 1, 2008.

From 2005 onwards, ex-factory prices of naphtha from SINOPEC have been linked to international prices; they are adjusted once at the beginning of each month, mainly according to average price reference of CIF Japan and FOB Singapore in the previous month.

Fibre2fashion News Desk - China

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