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Weekly Summary

Petrochemicals: Mar 22-26: Olefins soften, end-users in wait-and-see mood

Aromatics

The FOB Korea benzene market increased slightly from the previous week as crude prices bottomed out and the benzene market in Europe and the US was firm. The CFR Northeast Asia paraxylene (PX) market was mostly stable. Crude and naphtha prices bottomed out but the spread with derivative PTA remained narrow and the market was curbed. PTA makers announced that they would conduct maintenance since profitability decreased.

 

Olefins

The CFR Northeast Asia ethylene market softened. Crude prices fell from the previous high levels and after that, the market was fluctuating. Since market directions for ethylene were unclear, buying interest from end-users receded. In talks on a CFR Northeast Asia basis this week, a deal for delivery to China in April was heard at $1,030/mt. On the other hand, on an FOB China basis, a deal was reported at $1,070/mt.

 

In the Asia propylene market, falling China domestic prices dampened buying interest from end-users in Northeast Asia. But sellers were inactive in sales in the current market as propylene supply in Japan and Korea was perceived to be tight. Under this situation, ideas between buyers and sellers were wide apart, making it difficult for deals to be done. In Southeast Asia, Thailand's PTTGC conducted a sell tender for April loading.

 

The Asia butadiene market fell as perceptions of tight supply/demand receded. In Northeast Asia, most end-users had finished buying April delivery but sellers still had availability. Further, crude prices were fluctuating and supply/demand was no longer seen to be tight. In Southeast Asia, Thailand's PTTGC carried out sell tenders for April loading one after another.

 

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Tokyo : Petrochemicals Team  Shinnosuke Tagusari   +81-3-3552-2411Copyright © RIM Intelligence Co. ALL RIGHTS RESERVED.