China Petroleum and Chemical Corp, or Sinopec, raised its ex-works butadiene offers in eastern China for the second time this week to Yuan 14,000/mt, effective Wednesday, or $1,705/mt on an import parity basis, up Yuan 500/mt or 4%, market sources said.
They had been increased to Yuan 13,500/mt on Monday, up Yuan 600/mt.
The hikes come amid tight spot supply for December. Also, supply of downstream derivatives such as butadiene and styrene-butadiene-rubber were tight, a producer said.
The supply tightness pushed up spot prices in Asia. On Tuesday, Asian butadiene prices stood at $1,720/mt CFR China, up from $1,700/mt CFR China on Friday last week.
