Aromatics

Benzene prices on an FOB Korea basis were bullish until the first half of week owing to strength in crude prices. Further, derivative styrene monomer (SM) prices were bullish and this was also a supporting factor. Paraxylene (PX) prices on a CFR Northeast Asia basis were bullish in the first half of the week but softened in the second half of the week. As Lunar New Year was approaching, shipments of downstream products were expected to slow down.

Olefins

Ethylene prices on a CFR Northeast Asia basis on a CFR Northeast Asia basis softened slightly as supply was ample in the CFR Northeast Asia market and China domestic market. However, since the spread of prices between ethylene and benchmark feedstock naphtha was narrow, views emerged that the market might hit the bottom.

In the Asia propylene market, supply was perceived to be tight.

In the CFR Northeast Asia market, supply for imported cargoes was tight. Available cargoes in the China domestic market were also limited. Buying interest from end-users for propylene strengthened and market sentiments were bullish.

On an FOB Korea basis, two petrochemical makers were moving to sell February loading cargoes.

In the Southeast Asia market, a Malaysian petrochemical maker conducted sell tenders for cargoes loading from the end of January to February.

Butadiene prices on a CFR Northeast Asia basis strengthened. Deals were reportedly concluded for delivery to Taiwan and South Korea. Imported cargoes were apparently traded on a spot basis since end-users had not secured sufficient volumes via term contracts and there were supply concerns for domestic cargoes. On the other hand, available cargoes on a spot basis were limited and possible deal levels increased.

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