Petrochemicals: Dec 21-25: Ethylene surges on Jan tightness
Aromatics
The FOB Korea benzene mrket fell slightly due to weakness in crude and derivative styrene monomer (SM) prices. The paraxylene (PX) market was unchanged, tracking movements in PTA futures on the Zhengzhou Commodity Exchange.
Olefins
The CFR Northeast Asia ethylene market rose further. Some end-users urgently moved to buy first-half January delivery while a Korean petrochemical maker might postpone the restart of its ethylene facility that was undergoing maintenance. As a result, supply/demand tightened. Under this situation, deals for first-half January delivery were reportedly done at $1,040/mt and $1,060/mt.