China Petroleum and Chemical Corp, or Sinopec, has cut its ex-works butadiene price across the country by Yuan 200/mt to Yuan 9,100/mt, sources close to the company said Thursday.
On an import parity basis, the new price is calculated at $1,236/mt.
Market sources said the recent strength seen in the Asia butadiene market has stalled this week, with buying appetite from Taiwan seen diminishing.
“It seems Taiwan buyers bought enough cargoes now,” said a trading source.
Early Thursday, the FOB Korea butadiene price benchmark was hovering at $1,350/mt, unchanged from Wednesday’s assessment.