Sinopec, or China Petroleum & Chemical Corp., increased its ex-works butadiene offers in East China by Yuan 500/metric ton (mt) or 6.3% effective Tuesday to Yuan 8,500/mt, totaling to US$1,049/mt on an import parity basis, according to market resources.
The last time the state-run company hiked prices was last Tuesday, by Yuan 700/mt to Yuan 8,000/mt.
Tight availability, especially for late July cargoes, spurred the hike, market sources said.
Domestic offers were currently heard at Yuan 8,800-9,000/mt on a delivered basis, according to a Chinese buyer.
Delivered prices are usually higher than Sinopec’s offers.