The rumor that Sinopec will cut output by around 20 percent has been proved false

The rumor that Sinopec will cut output by around 20 percent has been proved false.

Market participants were talking about that Sinopec Chemical Department had noticed its affiliated companies to cut operating rate by 20%. The rumor mentioned that Sinopec South China Branch and East China Branch will gradually lower operating rate. PetroChina and other coal chemical companies have not lowered operating rate.

CCFGroup have reached comments from multiple sources of Sinopec about this and it has been proved that there would be no such output reduction in chemical products