China Petroleum and Chemical Corporation, or Sinopec, subsidiaries have raised ex-works orthoxylene offers in East China for a second time this week to Yuan 7,100/mt, equivalent to about $876/mt on an import parity basis, on Wednesday, up Yuan 300/mt, a source close to the matter said Thursday.
China-based market participants said that prompt supply is extremely tight at the moment with inventory level seen at below 15,000 mt since early this week.
Demand from downstream OX-based phthalic anhydride makers is strong amid good margins, sources said.
The last time Sinopec raised OX prices was on Monday, increasing by Yuan 200/mt to Yuan 6,800/mt. Last week, offers were raised by Yuan 150/mt to Yuan 6,600/mt. - Platts