Aromatics

In the market for benzene on an FOB Korea basis and paraxylene (PX) on a CFR Northeast Asia basis, supply was tight as feedstock crude oil and naphtha was in shortage. Prices for both products were volatile along with changes in crude prices caused by the situation in the Middle East.

Olefins

Ethylene prices on a CFR Northeast Asia basis were at high levels. Many naphtha crackers reduced operation rates due to shortage of naphtha. Meanwhile, buyers of ethylene retreated to the sidelines since it was difficult to foresee the situation in the Middle East and it was difficult to pass on a rise in prices for some derivatives to downstream products. In the middle of the week, a Chinese cargo was offered at about $1,400/mt on an FOB basis but a deal was not concluded.

In the Asia propylene market, there were few available cargoes and trade was thin.

In the CFR Northeast Asia market, there was spot demand from South Korea. But buyers were reluctant to raise ideas since prices for derivative polypropylene were not bullish.

In the Southeast Asia market, several deals were concluded but prices were different depending on the destination.

Butadiene prices in Asia rose sharply. In the CFR Northeast Asia market, several cargoes were traded for countries such as South Korea. As supply was limited. Sellers were raising ideas gradually since supply was limited. On the buyers' side, derivative makers that wanted to continue production moved to buy.

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