China Petroleum and Chemical Corp., or Sinopec, cut toluene ex-factory prices in central China by Yuan 100/mt (approximately $12.54/mt), or 2.08%, on Friday, an industry source said.
Sinopec subsidiaries in Changling and Wuhan are now offering toluene at Yuan 4,700/mt, or about $576.85/mt on an import parity basis.
The price cuts on Friday come amid a growing supply glut which saw inventory levels in east China rise 16.67% week on week to 105,000 mt, S&P Global Platts data showed.
The inventory excludes a total of 24,000 mt of toluene that arrived at a port in eastern China this week from the US, Singapore and Taiwan.
