China Petroleum and Chemical Corp, or Sinopec, has raised its butadiene ex-works prices in East China for a third time in July, this time by 3.7%, effective Tuesday, market sources said.
The state-run company’s prices stand at Yuan 8,500/mt, or $1,064/mt on an import parity basis, up Yuan 300/mt.
They were raised by Yuan 200/mt to Yuan 8,200/mt on July 5, and Yuan 200/mt to Yuan 8,000/mt on July 1.
Tight spot availability was cited as the chief factor behind the price hikes, especially for August cargoes.
End-users are seeking to secure sufficient butadiene inventory ahead of a G20 summit in Hangzhou over September 4-5.
Chinese authorities have asked several petrochemical plants in surrounding cities to reduce production in order to ensure improved air quality during the summit.
