Aromatics

FOB Korea benzene and CFR Northeast Asia paraxylene (PX) prices decreased. Since the Chinese government tightened controls on coal prices, in commodity futures trade, commodity prices including coal fell by the maximum allowance many times. The fall in futures prices for derivatives such as styrene monomer (SM) and pure terephthalic acid (PTA) weighed down the benzene and PX markets.

Olefins

In the Northeast Asia ethylene market, discussions for November cargoes were mostly over while it was too early to start talks for December cargoes. As a result, movements were thin. Via a sell tender, Taiwan's Formosa Petrochemical (FPCC) reportedly sold a total of 7,000mt of cargoes loading from Nov 16 to Dec 15 at a discount of about $60/mt to CFR Northeast Asia quotations.

The Asia propylene market weakened. In Northeast Asia, the China domestic market was on a downtrend this week and some sellers with cargoes in November rushed into sales. On an FOB Korea basis, one maker had surplus feedstock propylene due to troubles at its derivative polypropylene facility and sold in the spot market. In Southeast Asia, a Vietnamese maker's PP unit was shut down and it carried out a sell tender for propylene.

In the Asia butadiene market, a wait-and-see mood was strong. With China domestic prices softening, market directions ahead were uncertain and both buyers and sellers showed no hurry to engage in trade. No deals were reported and activity was subdued. In Southeast Asia, Thailand's PTTGC conducted a sell tender.