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Sinopec hikes prices of Benzene across all branches
19
Feb '09
The Asian Benzene market continued to fall on February 18, due to buyers disappearing from markets of China. The markets were mainly focused on contracts for deliveries in April and May, in which few deals were concluded.

The domestic refineries have still not hiked the operation rates, which had been cut back in 2008 and they are mainly supplying to buyers who hold contracts, signed in earlier months, for deliveries in February.

In spite of Asian benzene market going down, Sinopec, the biggest petrochemical company in China, hiked prices of Benzene across all its branches in its domestic market in China. Wuhan Branch of Sinopec raised its ex-factory prices by 200 Yuan per ton to 3700 Yuan per ton, while the Canton Branch also raised its ex-factory price by 200 Yuan to touch 3800 Yuan per ton.

On similar lines, on February 19, Sinopec raised Benzene ex-factory prices in its Beijing branch to 3700 Yuan per ton. The same ex-factory price of 3700 Yuan per ton, too have been quoted by other branches of Sinopec, which includes Wuhan petrochemical, Changling refining, Tianjin Petrochemical and Qilu Petrochemicals.

The other Sinopec branches which implemented a hike in ex-factory prices of Benzene were Guangzhou branch, Hainan Petrochemical and Maoming Petrochemicals who raised their prices by 200 Yuan to 3800 Yuan per ton.

Fibre2fashion News Desk - China

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