China Petroleum and Chemical Corporation, or Sinopec, lowered its ex-works orthoxylene price in East China by Yuan 350/mt ($48/mt) effective Tuesday, marketsources said Wednesday.
Yangzi-BASF and Sinopec Zhenhai, the company’s subsidiaries in East China, are now offering OX at Yuan 7,300/mt, equivalent to $1,000/mt on an import parity basis, sourcessaid.
PetroChina, the other major Chinese OX producer, also lowered its price in East China by Yuan 350/mt on Tuesday, sources said.
PetroChina’s subsidiaries, Liaoyang Petrochemical and Jilin Petrochemical, are now offering OX at Yuan 7,200/mt, or about $986.30/mt on an import parity basis.
OX was last assessed by Platts at $950/mt CFR China on May 22, down $31/mt week on week.