China Petroleum and Chemical Corp, or Sinopec, on Tuesday has cut its ex-works butadiene offers in eastern China to Yuan 17,300/mt, or about $2,097/mt on an import parity basis, down Yuan 1,200/mt or 6.5%, market sources said.
On Friday last week, the state-run company slashed prices by Yuan 2,500/mt to Yuan 18,500/mt.
Sinopec's lower prices are a result of weak demand in China with delivered prices hovering at Yuan 17,000-17,300/mt, a butadiene producer said.
Buying indications were heard over $1,700-$1,800/mt CFR China for April cargoes, a trader said.
