Sinopec raises MX offers in East China by 3% on crude rise
http://www.chemnet.com Jul 06,2012 PlattsState-owned producer Sinopec has raised its domestic offers for mixed xylenes in East China by Yuan 250/mt ($40/mt) or 3% effective Thursday, the company said.
For isomer-MX, this is the first price hike after three rounds of price cuts in June and another reduction on July 1.
For solvent-grade mixed xylenes, Sinopec had already raised offers by Yuan 300/mt on Wednesday, and by another Yuan 250/mt Thursday. Zhenhai Refinery and Yangzi-BASF are now offering at Yuan 8,450/mt ex-tank. This is equivalent to $1,113/mt on an import parity basis.
For isomer-grade MX, Sinopec subsidiaries at Zhenhai, Jiujiang, Yangzi and Nanjing are offering at Yuan 8,550//mt, which is equivalent to $1,137/mt on an import parity basis.
Sinopec's price hike is in response to recent surges in crude oil as well as imported MX prices. Isomer-MX hit a six-week-high of $1,086/mt FOB Korea Wednesday.