Aromatics

Benzene prices on an FOB Korea basis and paraxylene (PX) prices on a CFR Northeast Asia basis softened in the middle of the week but prices rebounded in the second half of the week. This was mainly due to changes in benchmark feedstock crude prices.

Olefins

Ethylene prices on a CFR Northeast Asia basis were bearish. Northeast Asian petrochemical makers were seen to maintain operation rates of naphtha crackers in June at a similar level to May while volumes of US cargoes to be delivered were expected increase in June. Under such circumstances, supply was perceived to be ample. In trade this week, deals were reported at $870/mt for a South Korean cargo and at $850/mt for a Southeast Asian cargo.

In the Asia propylene market, a wait-and-see mood was strong. As available cargoes were limited, sellers were not in a hurry for sales. On the other hand, end-users fulfilled their demand with domestic cargoes and buying interest for spot cargoes was weak. Under this situation, bids and offers were hardly heard and activity was muted.

The Asia butadiene market was bearish. Since end-users perceived that the market might fall going forward, buying interest for spot cargoes receded. High volumes of cargoes from outside Asia were expected to flow in while available cargoes from China were also increasing.

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