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Weekly Summary

Petrochemicals: Sep 13-17: Ethylene rises on energy conservation in China

Aromatics

FOB Korea benzene prices were at high levels from the high $900's/mt to around $1,000/mt owing to a rise in crude prices and a fall in production of coal-based benzene in China. CFR Northeast Asia paraxylene (PX) prices were from the high $800's/mt to about $900/mt, supported by a rise in benchmark feedstock crude and naphtha prices and strength in PTA futures. But as demand for downstream products was not good, the market was curbed.

 

Olefins

CFR Northeast Asia ethylene prices increased due to supply concerns. In China, operation rates of coal-to-olefins (CTO) and methanol-to-olefins (MTO) facilities decreased because of worsening profitability and shortage of feedstocks. In addition to this, other than CTO and MTO facilities, petrochemical facilities including ethylene facilities might be also requested to reduce operations rates or to be shut down as the government implemented measures to conserve energy. Under this situation, buying interest strengthened along with perceptions of tight supply and unclearness in the future. In the middle of the week, bids were heard at $1,120-1,140/mt and offers were at $1,170/mt.

 

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