According to market sources, China's state-owned petrochemical giant Sinopec and China Petroleum & Chemical Corporation (PetroChina) have increased their polyethylene (PE) and polypropylene (PP) inventories year-on-year last week.

As of December 1, their inventory reached 645,000 tons, up 6.6% from November 24. Inventory increased 2.4% compared to the same period in 2022. Weak demand dampened market sentiment, leading to a rise in inventories.

A Sinopec (Sinopec) company source said on December 1 that the company has lowered the domestic listing price of benzene by 200 yuan/ton.

The price of benzene was adjusted to the ex-factory price of 7,000 yuan per ton (nationwide).

The new listing price corresponds to the FOB price of 860 US dollars per ton (CIF) China, that is, instant letter of credit (L/C), or about 871 US dollars per ton in FOB China, 90-day letter of credit (L/C).