China Petroleum and Chemical Corp., or Sinopec, reduced its South China toluene ex-factory prices by Yuan 100/mt, or 1.8%, market sources said Monday.
The price-cuts came amid weakening demand for toluene in the domestic market, as c9 mixed aromatics supply was heard to be high, a market source said.
Sinopec’s South China subsidiaries in Maoming and Guangzhou are now offering toluene at about Yuan 5,500-5,600/mt, or about $669.78-$682.18/mt on an import parity basis.
Meanwhile, its South China inventory levels fell 9.09% week on week to 10,000 mt, S&P Global Platts data showed.
