Aromatics

Benzene prices on an FOB Korea basis and paraxylene (PX) prices on a CFR Northeast Asia basis moved in a narrow range. Sentiments slightly weakened. In the Northern Hemisphere, it was the demand season for gasoline. But demand for aromatics as gasoline components was not rising.

Gasoline Component

MTBE prices on an FOB Chiba basis rebounded. Since the market had been bearish recently and profitability worsened, some Chinese MTBE makers reduced production or shut down their facilities. Along with this, perceptions of ample supply receded. Sellers' ideas were seen at $660/mt.

Olefins

Ethylene prices on a CFR Northeast Asia basis decreased slightly. Supply in the domestic market in China was increasing and buying interest for imported cargoes was scarce. On the other hand, in Southeast Asia, supply for ethylene increased as a new ethylene facility was starting up. Further, troubles occurred and operation rates decreased at derivative facilities. Supply/demand slackened.

In the Asia propylene market, activity was muted.

In the CFR Northeast Asia market, buying interest from end-users was scarce while sellers were not in a hurry for sales. As a result, a wait-and-see mood was strong.

In the Southeast Asia market, a Malaysian maker conducted a sell tender for a prompt cargo.

Butadiene prices on a CFR Northeast Asia basis were still relatively firm. But as China domestic prices fell, it was difficult for deals to be done at prices as high as the previous week, said some sources. A Taiwanese petrochemical maker sold June loading cargoes via a tender. In Southeast Asia, a Malaysian petrochemical maker conducted a sell tender.