Taiwan's Formosa Petrochemical Corp awarded its sell tender for six GPC cargoes for March loading at US$155-160/mt on FOB Mailiao basis, according to a company source.The price was US$5-10/mt higher than its February awarding prices, he added.
These cargoes would mainly flow into Mainland China, according to the source. Taiwan's Welchain won three cargoes. Some Japanese traders offered merely US$150-155/mt and failed to win the tender, he introduced.
CFR Mainland China prices of these cargoes were estimated to reach US$170-180/mt, equivalent to Yuan 1,370-1,460/mt (excluding petty averages), according to C1's calculation.
It might not be lucrative to sell these cargoes in Mainland, an industry source pointed out, citing that Sinopec's Qingdao Refining & Chemical Co offered at only Yuan 1,430/mt for GPC with similar qualities in Mainland.
Formosa on Feb 16 tendered to sell six GPC cargoes, totaling 39,000mt for mid March loading at Mailiao Port.
