China Petroleum and Chemical Corp., or Sinopec, raised its ex-works butadiene offers in East China by Yuan 500/mt or 6.3% effective Tuesday to Yuan 8,500/mt, equating to $1,049/mt on an import parity basis, market sources said.
The last time the state-run company raised prices was last Tuesday, by Yuan 700/mt to Yuan 8,000/mt.
Tight availability, especially for late July cargoes, spurred the hike, market sources said.
Domestic offers were currently heard at Yuan 8,800-9,000/mt on a delivered basis, a Chinese buyer said.
Delivered prices are typically higher than Sinopec's offers.
