Aromatics

Benzene prices on an FOB Korea basis and paraxylene (PX) prices on a CFR Northeast Asia basis moved in a narrow range along with changes in crude prices. Related to PX, operation rates were rising at factories producing end-products such as fibers after Lunar New Year holidays. But as supply of PX was ample, the market was capped.

Olefins

Ethylene prices on a CFR Northeast Asia basis increased slightly. In the previous week, a deal was done at $900/mt for an end-user along the Yangtze River in China. The deal price was relatively high compared to that for delivery to area along the coast of China since freight rates were higher. In East Asia, several naphtha crackers were shut down due to worsening profitability and maintenance. In addition, operation rates of many facilities were reduced. For these reasons, supply was perceived to be tight.

In the Asia propylene market, CFR Northeast Asia prices softened while CFR Southeast Asia prices strengthened.

In the Northeast Asia market, prices for several derivatives such as polypropylene were bearish. Under this situation, buying interest from Chinese end-users receded and market sentiments were weak.

In the Southeast Asia market, several naphtha crackers were shut down due to worsening profitability and troubles. Meanwhile, some propane dehydrogenation (PDH) facilities entered maintenance. Supply was perceived to be tight.

The Asia butadiene market softened. In the CFR Northeast Asia market, end-users mostly finished buying March cargoes and buying interest receded. In China, supply for domestic cargoes was seen to be ample and buying interest for imported cargoes was scarce. In Southeast Asia, a Malaysian petrochemical maker issued a sell tender.

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