[Aromatics]

Benzene prices on an FOB Korea basis and paraxylene (PX) prices on a CFR Northeast Asia basis fluctuated along with changes in crude prices but these prices remained at high levels. Since profitability against crude oil and naphtha prices fell while gasoline components were required to be secured, some petrochemical companies adjusted operations of toluene disproportionation units.

[Olefins]

Ethylene prices on a CFR Northeast Asia basis were at high levels. Due to concerns about supply of feedstock naphtha, some players started procuring ethylene and market sentiments were strong. In China, some petrochemical makers reduced production of derivatives and sold ethylene.

In the CFR northeast Asia propylene market, prices fluctuated along with changes in crude prices. In the middle of the week, a cargo to be delivered in April was reportedly traded at a price slightly higher than $1,200/mt for an end-user along the Yangtze River in China. As operation rates of naphtha crackers were falling, supply was in shortage and many end-users were moving to buy.

Butadiene prices on a CFR Northeast Asia basis rose sharply due to an increase in feedstock costs and tight supply. Several cargoes shipped from China were reportedly traded on a CFR Northeast Asia basis. In China, there was apparently some room to sell butadiene as production cuts of derivative synthetic rubber were taking place.

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