Benzene dips in China amid high inventory levels, sluggish downstream demand

28-Oct-15

State-owned China Petroleum and Chemical Corp. (Sinopec) cut its ex-works benzene price in eastern China by Yuan 200/mt (US$13.19/mt), or 4.35%, to Yuan 4,400/mt, as per sources in Platts. The new price equates to around US$566.99/mt on an import-parity basis. The cut was likely prompted by weak Chinese demand in the fourth-quarter this year, said a trader. Inventory levels in the domestic China market were heard to be high as well, amid sluggish downstream demand, said sources.