Aromatics

Benzene prices on an FOB Korea basis strengthened due to an increase in crude prices. Paraxylene (PX) prices on a CFR Northeast Asia basis softened as market sentiments worsened. China would be on Lunar New Year holidays from Feb 10 to Feb 17. Since factories of end-products would be shut down before, during and after the holidays, demand was seen to decrease.

Olefins

Ethylene prices on a CFR Northeast Asia basis strengthened due to tight supply since Northeast Asian ethylene makers were adjusting operations while the inflow of US cargoes and Middle Eastern cargoes was also limited. In the middle of the week, views were heard that buying ideas on a CFR Northeast Asia basis were at $900/mt.

The Asia propylene market was bullish due to firm demand for delivery to Southeast Asia.

In Northeast Asia, trade was muted as it was before the Lunar New Year.

In Southeast Asia, facility troubles were occurring one after another and supply/demand of propylene was perceived to be tight.

In the Asia butadiene market, a wait-and-see mood was strong. Trade before the Lunar New Year was already over. For March delivery, both sellers and buyers were not in a hurry for trade as it was perceived to be too early.