Aromatics

Benzene prices on an FOB Korea basis were bearish due to softening derivative prices. Paraxylene (PX) prices on a CFR Northeast Aisa basis were volatile. Crude prices briefly increased while purified terephthalic acid (PTA) futures prices fell. Thus, there were both bullish and bearish factors.

Olefins

In the Northeast Asia ethylene market, South Korean ethylene makers were conducting negotiations for term supply contracts for 2024. Under this situation, discussions for spot cargoes were muted. In trade for US cargoes to Asia, vessels had to go through the Suez Canal or the Cape of Good Hope due to restriction of navigation at the Panama Canal. Therefore, it might take a longer time for delivery and volumes that could be transferred might decrease.

In the Asia propylene market, activity was muted.

In Northeast Asia, buying interest from Chinese end-users receded since China domestic prices were bearish.

On an FOB Korea basis, discussions were mainly taking place for term cargoes of 2024 between petrochemical makers and traders. Spot trade was muted.

In the Asia butadiene market, players focused on movements of Chinese end-users. In Northeast Asia, buying interest from Korean and Taiwanese end-users was scarce and buyers were limited to Chinese end-users. Since China domestic prices were firm, buying interest from Chinese end-users for imported cargoes was strengthening.

On an FOB Korea basis, a petrochemical makers sold a spot cargo loading December.