State-owned China Petroleum and Chemical Corp, or Sinopec, hiked its ex-works price for benzene in East China by Yuan 100/mt ($16/mt), or 1.23%, to Yuan 8,200/mt effective Tuesday, market sources said Wednesday.
It is the first increase so far this year. Sinopec has lowered prices by a total Yuan 1,400/mt this year from Yuan 9,500/mt at the end of last year, data showed.
The current price equates to around $1,104/mt on an import parity basis. Sinopec, China's largest benzene producer, last revised its East China benzene price on March 11, lowering it by Yuan 200/mt to Yuan 8,100/mt.
The price change will apply to all its East China subsidiaries -- Sinopec Shanghai, Sinopec Zhenhai, Sinopec Jinling, Sinopec Yangzi and Sinopec Jiujiang.