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Weekly Summary

Petrochemicals: Jan 13-17: Ethylene rises further on production cuts and troubles

Aromatics

The FOB Korea benzene market was firm as production was still reduced at facilities due to a fall in profitability. The paraxylene (PX) market fell in the first half of the week and rebounded after that. Little change was seen in supply/demand balance but the market was affected by benchmark feedstock crude and naphtha prices.

 

Olefins

The CFR Northeast Asia ethylene market increased from the previous week. Supply was perceived to be tight as production was reduced due to low profitability and troubles occurred at some naphtha crackers. Under this situation, buyers' ideas were said to have increased to $800/mt. On the other hand, several ethylene makers were conducting sell tenders but sources saw that perceptions of tight supply had not been eased.

 

The Asia propylene market strengthened. In Northeast Asia, supply in the FOB Korea market was tight as many propylene facilities reduced production due to high feedstock costs and some facilities were shut down due to troubles. As a result, some end-users held a bullish view and moved to buy to secure stocks.

 

The Asia butadiene market rose. In Northeast Asia, many naphtha crackers cut production owing to poor profitability and butadiene production declined. Further, non-regional cargoes were not seen and supply was perceived to be tight. In Southeast Asia, one maker sold spot cargoes for prompt loading in January via a tender.

 

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Tokyo : Petrochemicals Team  Shinnosuke Tagusari   +81-3-3552-2411Copyright © RIM Intelligence Co. ALL RIGHTS RESERVED.