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Petrochemicals: May 6-10: PX sentiments remain weak on starting up of new facilities

2019/05/13 07:00

Aromatics

FOB Korea benzene prices were weighed down as crude prices fell from previous high levels. Paraxylene (PX) prices softened, pressured by fears of surplus supply as several new facilities were starting up in countries including China.

 

Olefins

CFR Northeast ethylene prices slightly increased. Regarding naphtha crackers, maintenance at Hanwha Total’s facility in Korea was prolonged due to a strike. There were also facilities that were experiencing troubles in Japan and Europe. For this reason, supply was perceived to be scarce. However, prices only increased slightly as buying interest was not strong due to low profitability of derivative ethylene glycol (EG). Bids were seen at $970-980/mt in the middle of the week but few offers were seen.

 

The Asia propylene market softened. In Northeast Asia, China domestic prices fell at the beginning of the week and buying interest from end-users receded, causing market sentiment to weaken. In Korea, availability was limited due to maintenance and activity was thin. In Southeast Asia, one maker sold a spot cargo loading June via a tender.

 

The Asia butadiene market stayed intact. Amid uncertain market directions ahead, buyers and sellers showed no hurry to engage in trade and talks were muted. In Southeast Asia, Thailand’s PTTGC conducted a sell tender for June loading.

 

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