East China's Sinopec Gaoqiao plans to raise its ex-works phenol offer price by Yuan 250/mt ($32/mt), or 2.5%, to Yuan 10,400/mt effective Thursday, market sources said Wednesday.
Traders have been expecting Sinopec to increase its offer price as trades in East China were heard to have stabilized around Yuan 10,500/mt ex-works Tuesday, Platts previously reported.
Meanwhile, Sinopec Yanshan Beijing and Sinopec Sabic Tianjin have kept prices the same since July 6 at Yuan 10,150/mt.
Gaoqiao and Yanshan's prices are used as benchmarks in the East China market, and Sinopec Sabic Tianjin's prices usually track those of Yanshan. However, Sinopec's price adjustments typically lag movement in the spot market, and are seen more as an affirmation of a price trend.
