Market and product
Platts Petrochemical Analysis: Asian aromatics prices down
Asian benzene fell $21/mt from July 6 to close at $1,123/mt FOB Korea July 9,deflating a $92/mt surge the previous week. September benzene in the US wasassessed at 397 cents/gal FOB USGC ($1,187.03/mt) July 6, only $59/mt abovethe August assessment for benzene in South Korea.
With freight rates at $50/mt, traders were cautious about moving furthervessels to the US. "[Benzene] derivative demand in the US is not good," onetrader said, noting that although styrene prices had moved up, the outlookfor benzene was weak.
The prompt US benzene price was assessed July 6 at $1,357/mt FOB USG. TheEuropean benzene price was assessed at $1,248/mt CIF ARA.
The FOB Korea toluene marker was assessed at $1,069/mt July 9, down $6/mtfrom July 6, as discussions softened amid weaker crude prices. August ICEBrent was assessed at $99.04/barrel July 9 at 4:30 pm Singapore time (0830GMT), down $0.90/b from July 6.
The prompt US toluene price was assessed July 6 at $1,176/mt FOB USG. TheEuropean price was assessed at $1,108/mt FOB Rdam.
Asian isomer-grade mixed xylene was assessed down $4/mt July 9 from July 6 at$1,101/mt FOB Korea, and $1,117/mt CFR Taiwan after being on an uptrend forfive consecutive trading days last week.
There was thin liquidity in the isomer-MX market July 9, with markets bothupstream and downstream weakening. Upstream, August ICE Brent crude futureswere down $0.90/b from July 6. Downstream, paraxylene edged down $4/mt overthe same period. The US mixed xylene price was assessed July 6 at $1,090/mtFOB USG.
The CFR Taiwan/China paraxylene price was assessed July 9 at $1,333.50/mt,down $4/mt from July 6. The Asian PX market kicked off July 9 on a weakernote, pressured by a sharp drop in Western crude oil benchmarks July 6. Thedrop in price, though, was limited by potential strengthening demand forparaxylene.
PX demand is seen to increase from August as a new purified terephthalic acidplant is scheduled to be started up. China's Zhejiang Yisheng Petrochemicalplans to start up its new 1.8 million mt/year PTA in Hainan around September,sources close to the company said.
Asian styrene monomer for H2 August was assessed down $2/mt July 9 from July9, to $1,360/mt FOB Korea, on the back of lower crude oil and feedstockbenzene prices. One trader said there was a "total lack of direction andconfidence" in the market.
The prompt US styrene price was assessed July 6 at $1,350/mt FOB USG. TheEuropean price for August was assessed at July 6 at $1,360/mt FOB Rdam.
With freight rates at $50/mt, traders were cautious about moving furthervessels to the US. "[Benzene] derivative demand in the US is not good," onetrader said, noting that although styrene prices had moved up, the outlookfor benzene was weak.
The prompt US benzene price was assessed July 6 at $1,357/mt FOB USG. TheEuropean benzene price was assessed at $1,248/mt CIF ARA.
The FOB Korea toluene marker was assessed at $1,069/mt July 9, down $6/mtfrom July 6, as discussions softened amid weaker crude prices. August ICEBrent was assessed at $99.04/barrel July 9 at 4:30 pm Singapore time (0830GMT), down $0.90/b from July 6.
The prompt US toluene price was assessed July 6 at $1,176/mt FOB USG. TheEuropean price was assessed at $1,108/mt FOB Rdam.
Asian isomer-grade mixed xylene was assessed down $4/mt July 9 from July 6 at$1,101/mt FOB Korea, and $1,117/mt CFR Taiwan after being on an uptrend forfive consecutive trading days last week.
There was thin liquidity in the isomer-MX market July 9, with markets bothupstream and downstream weakening. Upstream, August ICE Brent crude futureswere down $0.90/b from July 6. Downstream, paraxylene edged down $4/mt overthe same period. The US mixed xylene price was assessed July 6 at $1,090/mtFOB USG.
The CFR Taiwan/China paraxylene price was assessed July 9 at $1,333.50/mt,down $4/mt from July 6. The Asian PX market kicked off July 9 on a weakernote, pressured by a sharp drop in Western crude oil benchmarks July 6. Thedrop in price, though, was limited by potential strengthening demand forparaxylene.
PX demand is seen to increase from August as a new purified terephthalic acidplant is scheduled to be started up. China's Zhejiang Yisheng Petrochemicalplans to start up its new 1.8 million mt/year PTA in Hainan around September,sources close to the company said.
Asian styrene monomer for H2 August was assessed down $2/mt July 9 from July9, to $1,360/mt FOB Korea, on the back of lower crude oil and feedstockbenzene prices. One trader said there was a "total lack of direction andconfidence" in the market.
The prompt US styrene price was assessed July 6 at $1,350/mt FOB USG. TheEuropean price for August was assessed at July 6 at $1,360/mt FOB Rdam.
Source:http://www.platts.com
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