China Petroleum and Chemical Corp, or Sinopec, has cut its ex-works price for butadiene for a third time in June, reducing it by Yuan 500/mt, or 5%, effective Thursday, end-users said.
Sinopec's subsidiaries in East, North and South China are now offering butadiene at Yuan 9,000/mt, or about $1,223/mt on an import parity basis.
On June 6, the state-owned company lowered prices by Yuan 500/mt to Yuan 10,500/mt, and on June 19, reduced them further by Yuan 1,000/mt to Yuan 9,500/mt.
Poor demand for synthetic rubber and a glut of the product in the local market have pressured spot prices.
On Wednesday, Sinopec cut its ex-works prices for 1502 styrene-butadiene rubber by Yuan 600/mt to Yuan 11,400/mt.
On June 14, synthetic rubber stocks in warehouses at Qingdao, China's eastern Shandong province, stood at 56,400 mt, up 1% from 55,600 mt on May 30, data from the Qingdao International Rubber Exchange showed.
