Aromatics

Benzene prices on an FOB Korea basis and paraxylene (PX) prices on a CFR Northeast Asia basis strengthened as benchmark feedstock crude prices increased. For benzene, derivative styrene (SM) facility in China restarted after maintenance and this was also a supporting factor.

Olefins

Ethylene prices on a CFR Northeast Asia basis showed no change. Term negotiations for 2025 were taking place and few players were conducting spot discussions. Ethylene makers refrained from spot trade as it was difficult to foresee volumes that could be sold on a spot basis unless they concluded term contracts.

The Asia propylene market strengthened.

In the Northeast Asia market, negotiations for term contracts for 2025 had not been concluded and available cargoes were limited. Meanwhile, buying interest from Chinese end-users was strengthening and market sentiments were strong.

In the Southeast Asia market, demand from Vietnam and Indonesia was firm and prices were pushed up. But many available cargoes appeared from Pengerang Refining and Petrochemical (PRefChem) and supply was ample.

Butadiene prices on a CFR Northeast Asia basis strengthened due to tight supply for January cargoes. Further, in the China domestic market, supply was decreased owing to troubles at butadiene facilities. In Southeast Asia, two petrochemical makers conducted sell tenders for January loading.

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