Sinopec Qingdao Refining & Chemical sold 6,200mt of LPG in four cargoes in the week ended Oct 14, up by 1,000mt or 19% from a week earlier, a company source said.
The company accumulatively cut its LPG price by Yuan 550/mt to Yuan 5,600/mt to promote sales in the period, as low imported LPG prices weighed on prices of domestic LPG, according to the source. Although distributors started to replenish stocks after the National Day holiday, the sentiment remained bearish in the Shandong LPG market, the source said.
LPG output of Qingdao Refining & Chemical stayed low at about 1,100mt per day, 39% lower than the normal level, the source added.
Located in Qingdao City of Shandong Province, Qingdao Refining & Chemical has an annual topping capacity of 10-mil mt. It normally produces 1,800mt of LPG commodity per day, about a half of which is shipped to South China and East China's Zhejiang Province.
