China Petroleum and Chemical Corporation, or Sinopec, subsidiaries have raised ex-works orthoxylene offers in East China by Yuan 300/mt to Yuan 7,400/mt on Wednesday, a source close to the matter said Thursday.
This is equivalent to about $903/mt on an import parity basis. The increase is seen as largely driven by strong demand for OX this month, while supply has been tight, according to China-based market participants.
Demand from OX-based phthalic anhydride makers for production of dioctyl phthalate is also firm because of strong margins for both PA and DOP, sources said.
The last time Sinopec raised OX prices was last week, increasing by Yuan 300/mt to Yuan 7,100/mt.
