Chinese China Petroleum & Chemical Corp. (Sinopec), Asia’s largest oil refining company and a large Chinese manufacturer of low-density polyethylene (HDPE) blow molded products in the country, raised its prices in the southern region of China by RMB 100 (CNY) or USD14.6 per tonne on July 23 amid limited supply of material in the market, ICIS reported.

So, now Sinopec offers blown HDPE in the south of China at a price of CNY11,000 or USD1,620 per tonne, EXW (ex-factory).

The supply of material in the Chinese market is currently limited, as some plants carry out preventive work, while other manufacturers of blown HDPE now produce other grades of polyethylene (PE).

In particular, PetroChina Sichuan and Daqing Petrochemical carry out maintenance at their production facilities, and PetroChina Lanzhou and Dushanzi Petrochemical switched to the production of injection molded HDPE grades. At the same time, Sinopec Maoming Petrochemical has recently produced more blown PND grades than film brands.

According to the Price Review of ICIS-MRC, in the Russian market of blown PE for overall packaging (273-83) there is still a lack of supply, some sellers sold all their monthly quotas for HDPE in the first ten days of July.

Sinopec Corp. is one of the world’s largest integrated energy and chemical companies. Business Sinopec Corp. includes oil and gas exploration, production and transportation of oil and gas, refining, petrochemical production, production of mineral fertilizers and other chemical products. By the volume of oil processing capacities of Sinopec Corp. occupies the second place in the world, the volume of ethylene capacity – the fourth.