State-owned China Petroleum and Chemical Corp., or Sinopec, on Tuesday cut its ex-works benzene price in eastern China by Yuan 200/mt ($13.19/mt), or 4.35%, to Yuan 4,400/mt, a source close to the company said.
The new price equates to around $566.99/mt on an import-parity basis.
The cut was likely prompted by weak Chinese demand in the fourth-quarter this year, said a trader. Inventory levels in the domestic China market were heard to be high as well, amid sluggish downstream demand, said sources.
Sinopec had raised benzene prices on September 15 by Yuan 200/mt to Yuan 4,600/mt.
