China Petroleum and Chemical Corp, or Sinopec, cut its ex-works butadiene offers in East China by Yuan 300/mt or 3.5% effective Thursday to Yuan 8,200/mt, equating to $1,022/mt on an import parity basis, market sources said.
The last time the state-owned company revised its prices was July 4, when it raised them Yuan 500/mt to Yuan 8,500/mt.
Also Thursday, Liaoning Huajin Tongda Chemical raised its butadiene offers in East China to Yuan 8,010/mt ex-works, up 300/mt. However its offers remain lower than Sinopec's.
Sinopec's price cut comes after several deepsea cargoes from Europe and the US were sold to Northeast Asia for arrival in August and September, sources said, with several estimating about 20,000 mt is set to arrive over the two months.
