China Petroleum and Chemical Corporation, or Sinopec subsidiaries have raised ex-works orthoxylene offers in East China to Yuan 6,300/mt, equivalent to about $781/mt on an import parity basis, from Wednesday, up Yuan 150/mt, a source close to the matter said Friday.
The hike by Yangzi-BASF and Sinopec Zhenhai follows close on the heels of the increase on Monday, when the offer price was raised by Yuan 150/mt to Yuan 6,150/mt.
Demand from downstream phthalic anhydride and dioctyl phthalate sectors was bullish, the source added.
Meanwhile, stocks in East China increased to about 25,000 mt, following the discharge of a 9,500 mt cargo from India at the Zhongdong terminal on Thursday, the source said.
Prior to this, inventory had fallen to about 15,000 mt, according to market sources.
