Trade Resources Industry Views Sinopec Cuts North China Toluene Prices by 4% on Weak Demand, Yuan

Sinopec Cuts North China Toluene Prices by 4% on Weak Demand, Yuan

Tags: Sinopec, toluene

China Petroleum and Chemical Corp., or Sinopec, has reduced its North China toluene ex-factory offers by Yuan 200/mt ($30.97/mt), or about 4%, Tuesday, amid weakness in demand and the yuan, an industry source said.

Its North China subsidiaries at Shijiazhuang and Tianjin are now offering toluene at Yuan 4,800/mt and Yuan 4,900/mt, respectively, which is about $610.64.07/mt and $623.63/mt on an import parity basis.

On Tuesday, China's central bank set the daily reference rate at Yuan 6.4559 to the dollar, about 0.8% weaker when compared with Yuan 6.4078 on the corresponding day last week.

The weaker yuan raises costs for importers of dollar-denominated products.

The last time the rate was weaker than Yuan 6.4559 was on July 20, 2011, when it stood at Yuan 6.4592.

Source: http://www.platts.com/latest-news/petrochemicals/singapore/sinopec-cuts-north-china-toluene-prices-by-4-27051740
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