China Petroleum and Chemical Corp., or Sinopec, slashed its ex-works prices for butadiene in East China by 7% effective late Tuesday, market sources said Wednesday.
Butadiene offers from Sinopec’s subsidiaries across East China — Yangzi Petrochemical, Shanghai Petrochemical, and Zhenhai Refining and Chemical — are now at Yuan 13,000/mt or about $1,736/mt on an import parity basis, down Yuan 1,000/mt from previously.
Sinopec last adjusted butadiene offers in East China on March 13, when it cut prices by Yuan 800/mt.
Sinopec’s latest price cut came after another local butadiene producer, Panjin Ethylene Industry, cut its prices by Yuan 2,500/mt to Yuan 11,000/mt on Tuesday morning.
The butadiene price cuts are due to poor demand from producers of butadiene rubber and styrene-butadiene rubber, market sources said.