Aromatics

Benzene prices on an FOB Korea basis softened in the first half of the week but the market rebounded slightly in the second half of the week along with changes in crude prices. Paraxylene (PX) prices softened in the middle of the week but the market was relatively firm compared to benzene. Since a fall in prices in the previous week was perceived to be exceeded, there was demand to cover the short-positions.

Olefins

Ethylene prices on a CFR Northeast Asia basis were stable. Since benchmark feedstock crude and naphtha prices were bottoming out, perceptions that ethylene prices might fall going forward receded. Sellers were unlikely to reduce offers further. End-users might move to buy as prices were perceived to be reasonable, said market sources.

In the Asia propylene market, trade was muted.

In the Northeast Asia market, CPC's residue fluid catalytic cracker (RFCC) was shut down due to trouble. As a result, supply for propylene was in shortage and some end-users moved to buy imported cargoes urgently. But in China, supply for domestic cargoes was ample and buying interest from Chinese end-users for imported cargoes was scarce.

On an FOB Korea basis and on a CFR Southeast Asia basis, trade was muted.

Butadiene prices on a CFR Northeast Asia basis increased slightly since available cargoes including those from outside Asia were hardly seen while futures prices for synthetic rubber in the China domestic market were firm. On an FOB Korea basis, Hyundai Chemical conducted a sell tender for May loading.