China Petroleum and Chemical Corp., or Sinopec, raised its ex-works butadiene offers in East China to Yuan 8,700/mt, equating to $1,092/mt on an import parity basis, up Yuan 500/mt or 6.1%, effective Wednesday, market sources said Thursday.
The last time the state-owned company revised its prices was on August 3, when it was lowered by Yuan 300/mt.
The price increase comes amid market concerns that availability of deepsea cargoes was tight.
Also, synthetic rubber prices were firmer in East China as Fushun Petrochemical increased its ex-works offers for 1502 styrene-butadiene-rubber to Yuan 12,000/mt Wednesday, up Yuan 300/mt day on day.
An SBR producer said restocking activity was one reason for the increase. As a result, buying indications for spot butadiene hovered about $1,000/mt CFR China compared with the mid-$900s/mt on Tuesday, the sources said.