China Petroleum and Chemical Corp, or Sinopec, cut its East China ex-factory toluene prices by Yuan 150/mt or 2.7% amid higher domestic stocks, a market source said Tuesday.
Its East China subsidiary in Zhenghai is currently offering toluene at Yuan 5,400/mt, or about $659.12/mt on an import parity basis, while its subsidiaries in Shanghai, Nanjing and Jiujiang are offering toluene at Yuan 5,350/mt or about $652.90/mt on an import parity basis.
The drop in domestic prices comes amid higher inventory levels, as there was a backlog of vessels waiting to discharge at the East China ports after China's National Day holidays in early October, another source said.
East China inventory levels stood at 41,200 mt Tuesday, up from 40,400 mt the previous week.
