Second price cut by Sinopec for East, South China butadiene

22-Sep-11
China Petroleum & Chemical Corp (Sinopec) has reduced by 4%, ex-works prices for butadiene in East and South China for the second time in September by Yuan 1,000/mt (US$157/mt) to Yuan 26,000/mt, effective Wednesday, as per Platts. Poor local demand, concerns about growing inventory and returning supply are cited as factors behind the price reduction. In East China, Sinopec Yangzi Petrochemical, Sinopec Shanghai Petrochemical and Zhenhai Refining & Chemical lowered their ex-works butadiene prices by Yuan 1000 to Yuan 26,000/mt (US$3410/mt) on an import parity basis on September 14. Similarly, in South China, Guangzhou Petrochemical and Maoming Petrochemical are both offering butadiene at Yuan 26,000/mt. BASF Yangzi Petrochemical Company (BASF-YPC) plans to start up a new 130,000 tpa butadiene extraction unit at Nanjing, Jiangsu province, in H2-September. At the end of September, PetroChina's Dushanzi Petrochemical plans to restart its 130,000 tpa butadiene unit after a 45 day turnaround which began on August 12. In Taiwan, Formosa Petrochemical is expected to restart its No. 1 steam cracker in H2-September. This plant produces 700,000 tpa of ethylene and 350,000 tpa of propylene, and supports a 109,000 tpa butadiene unit.
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