China Petroleum and Chemical Corp, or Sinopec, has cut its ex-works prices of butadiene in East China by 5.41% effective Wednesday, market sources said.
Offers from Sinopec's subsidiaries in eastern China, Yangzi Petrochemical, Shanghai Petrochemical, and Zhenhai Refining and Chemical, are now Yuan 14,000/mt or around $1,870/mt on an import parity basis, down Yuan 800/mt.
China's butadiene requirements have been falling on weak downstream demand from butadiene-rubber and styrene-butadiene-rubber producers, and rumors of liquidation of butadiene cargoes by traders in the market.
Platts assessed CFR China butadiene at $1,865/mt Tuesday, flat from Monday, but down $175/mt week on week.
