RIM Market News >  Weekly Summary

Petrochemicals: Mar 4-8: Ethylene falls on increasing cargoes for sale

2019/03/11 07:00

Aromatics

FOB Korea benzene prices moved within a narrow range. A wait-and-see mood was strong as players wanted to check progress in US-China trade discussions. FOB Korea toluene prices were firm due to strong demand from China. Mixed xylene (MX) prices were weighed down by perceptions of receding demand because regular maintenance of paraxylene (PX) facilities would take place going forward. On the other hand, as the price spread between MX and derivative PX widened, some PX makers showed buying interest in MX. PX prices rose along with an increase in PTA futures.

 

Olefins

CFR Northeast Asia ethylene prices fell further as many cargoes for sale from Southeast Asia and outside the region appeared. Deals were done at $1,030/mt and $1,050/mt for March delivery. For April delivery, a deal was concluded at $980/mt. Sources saw that cargoes from Southeast Asia increased as the operation rate of a polyethylene facility in Singapore declined but details of the facility and reasons for the decline in the operation rate were unclear.

 

The Asia propylene market tracked movements in the China domestic market. In Northeast Asia, amid weakness in China domestic prices, buying interest from end-users receded. China domestic prices fell due to slack supply/demand. In Southeast Asia, one maker sold end-March loading via a tender.

 

The Asia butadiene market was relatively unchanged. As a butadiene-related conference was taking place in China during Mar 6-7, discussions were subdued. In Southeast Asia, one maker sold a spot cargo loading April via a tender.

 

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Tokyo : Petrochemicals Team  Shinnosuke Tagusari  +81-3-3552-2411
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