China Petroleum and Chemical Corp., or Sinopec, raised its ex-works butadiene offers in South China to Yuan 11,300/mt, or $1,487/mt on an import parity basis, Tuesday, up Yuan 200/mt or about 1.8%, market sources said.
The state-owned company raised its prices in East China on Monday by Yuan 200/mt to Yuan 11,200/mt.
Sinopec last raised its East China price on May 3 by Yuan 500/mt to Yuan 11,000/mt and in South China by Yuan 500/mt to Yuan 11,100/mt on May 4.
The prices were hiked amid tight domestic supply with local plants shutting for scheduled maintenance.
Supply is tighter in Asia with more butadiene cargoes heading to the US from the region. About 5,000 mt will be loaded in H2 May from South Korea and 3,800 mt was loaded from Singapore early May, both cargoes bound for the US.