Aromatics

Benzene prices on an FOB Korea basis softened in the middle of the week due to a decrease in crude prices. Paraxylene (PX) prices on a CFR Northeast Asia basis were supported by firm futures prices for PX on the Zhengzhou Commodity Exchange in China.

Gasoline Component

MTBE Prices on an FOB China basis strengthened slightly compared to the previous week. A deal was reported at $645-650/mt although the timing of loading was unclear. Meanwhile, selling ideas for second-half August loading were heard at $640-650/mt. The deal price was said to be relatively high.

Olefins

Ethylene prices on a Northeast Asia basis showed no changes. But since China domestic prices were bearish, CFR Northeast Asia prices were said to be under downward pressure. Since export of ethane from the US to China resumed, supply concerns about ethylene in the China domestic market receded. Further, after ethane vessels arrived in China and ethane crackers restarted, supply for ethylene in the domestic market was expected to be ample.

In the Asia propylene market, demand was dull and market sentiments were weak.

In the CFR Northeast Asia market, buying interest from end-users was scarce as supply for domestic cargoes in China was plentiful. On the other hand, sellers were not in a rush to sell as they did not have many cargoes.

In the Southeast Asia market, Malaysia's Pengerang Refining and Petrochemical (PRefChem) issued a sell tender for 5,000mt of refrigerated cargo but it eventually cancelled the tender since its residue fluid catalytic cracker (RFCC) was shut down due to troubles.

In the CFR Northeast Asia butadiene market, trade was muted. European cargoes for sale were observed but since the gap between sellers' and buyers' ideas was wide, it was difficult for deals to be done.

A Taiwanese petrochemical maker sold several cargoes loading August. These cargoes were seen to be supplied to South Korea and the domestic market in Taiwan.

In Southeast Asian, a Thai petrochemical maker sold a cargo loading mid-August. An Indonesian petrochemical maker also conducted a sell tender for a cargo loading mid-August.

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