[Aromatics]

Benzene prices on an FOB Korea basis continued to stay at high levels. Although demand was weak, prices were supported by firm crude oil prices, which serve as an indicator for feedstock costs. Paraxylene (PX) prices on a CFR Northeast Asia basis softened mid-week. The gradual return to normal operation of some facilities that had experienced troubles in April weighed on the market.

[Olefins]

Ethylene prices on a CFR Northeast Asia basis and CFR Southeast Asia basis both fell. Ethylene production, although still limited, was gradually recovering from recent lows. Meanwhile, demand was weak due to deteriorating profitability of derivatives, and the supply/demand balance was slack. Mid-week, it was reported that an end-user in Northeast Asia purchased a cargo at $1,150/mt via a tender.

Asia's propylene market remained soft. In the Northeast Asia market, buying interest was not firm, and market sentiments softened. Although buying interest was seen from South Korea, players were unwilling to raise their ideas to buy. In the Southeast Asia market, some petrochemical makers had refrigerated cargoes for sale.

The butadiene market on a CFR Northeast Asia basis remained soft. While supply of Chinese origin material was seen, end-users were taking a wait-and-see stance due to uncertainty over the future market outlook. Views were heard that it was difficult to determine when prices would bottom out.

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