Aromatics

Benzene prices on an FOB Korea basis were firm in the first half of the week due to strength in crude prices. Paraxylene (PX) prices on a CFR Northeast Asia basis were bearish, pressured by a fall in futures prices of PX and purified terephthalic acid (PTA) on the Zhengzhou Commodity Exchange in China. In China, operations of PX facilities were stable and supply was unlikely to tighten.

Olefins

Ethylene prices on a CFR Northeast Asia basis softened. In South Korea, several petrochemical makers were seen to be raising operation rates of ethylene facilities from March and selling interest for Korean cargoes was strengthening. For this reason, perceptions of tight supply receded. In trade this week, a cargo to be delivered to China in April was reportedly traded at $920/mt. Apart from this, buying ideas were heard at $900/mt and selling ideas were at $940-960/mt.

In the Asia propylene market, trade was muted.

In the Northeast Asia market, both sellers and buyers were not in a hurry for trade and a wait-and see mood was strong.

In the Southeast Asia market, Malaysia's Pengerang Refining and Petrochemical (PRefChem) sold spot cargoes loading March via tenders.

Butadiene prices in Asia increased further as supply remained tight.

In Southeast Asia, a sell tender conducted by JG Summit in the Philippines was awarded at $1,350-1,400/mt on an FOB basis.

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