The Asian benzene market continued to fall for a second day November 10, with the benchmark FOB Korea marker moving down $15.50/mt day on day to $984.50/mt. Sentiment was hit by weaker crude oil prices amid continuing macroeconomic concerns, especially in the eurozone.
Benzene sellers in Asia have found it difficult to sell their cargoes outside the region with the arbitrage window to the US firmly shut, but demand in many parts of Asia was heard to be weak. In the US November 9 the benzene price was assessed at $956.80/mt FOB USG. In Europe, the benzene price November 9 was assessed at $921.50/mt CIF ARA. (See chart 1)
In plant news, Japan's Tosoh plans to shut its aromatics unit for a one-month turnaround in mid-March 2012, a company official said November 10. The unit can produce 154,000 mt/year of benzene, 65,000 mt/year of toluene and 32,000 mt/year of mixed xylenes.
Asian toluene on an FOB Korea basis was assessed at $1,115.50/mt November 10, shedding $37/mt or 3.2% compared to the day before as sentiment turned bearish on eurozone concerns and falling regional equities.
Front month ICE Brent crude futures traded at $112.45/barrel at 4:30 pm Singapore time (0830 GMT), down $2.54/b from the day before, while CFR Japan naphtha sank $13/mt day on day to be assessed at $888/mt. The European toluene price was assessed at $1,102/mt FOB Rdam. The US price was assessed at $1,048/mt FOB USG. (See chart 2)
Asian isomer-MX tumbled $27 day on day November 10 in tandem with downstream paraxylene, closing at $1,178.50/mt FOB Korea and $1,193.50/mt CFR Taiwan. The market was jittery as traders were closely monitoring PX's movements, which started falling earlier in the day. The US price remained well below the Asian price, with the assessment November 9 at $1,033/mt FOB USG. (See chart 3)
Asian paraxylene tumbled $39/mt day on day November 10, erasing gains November 9 amid worsening downstream purified terephthalic acid, renewed eurozone worries and falling crude. The CFR Taiwan/China marker was at $1,432/mt. Market sentiment was extremely weak as PTA plunged early in the day, with South Korean-origin cargoes heard traded at $1,030/mt CFR China and discussion levels for Taiwan-origin PTA at around $1,050/mt CFR China, down $40/mt or 3.67% on day.
The plunge was exacerbated by PTA futures on China's Zhengzhou Commodity Exchange, which saw the most heavily traded January contracts losing Yuan 266/mt ($42/mt) or 3.27% on day. "With PTA doing so badly, buyers are all scared," a Chinese trader said. "No one wants to be caught in a falling market," he added. In the US November 9, the paraxylene price was assessed at $1,362.50/mt FOB USG. The European PX price was assessed at $1,371/mt FOB Rdam. (See chart 4)
Asian styrene monomer prices fell $24/mt day on day November 10 to $1,292/mt FOB Korea on economic concerns. In plant news, Japan's Denki Kagaku Kogyo, or Denka, will shut each of its SM plants for about 40 days' maintenance in 2012, a company source said Thursday. Its 240,000 mt/year SM plant at Chiba will shut in May, while the 270,000 mt/year plant operated by Denka's 60% owned subsidiary Chiba Styrene Monomer Company will shut in November. Also, Nippon Steel Chemical plans to shut both its SM plants at Oita for maintenance in 2012, a company source said November 10.
In downstream news, China's Tianjin Dagu Chemical has delayed the startup of its new 200,000 mt/year acrylonitrile-butadiene-styrene plant in Tianjin due to poor market conditions, a source close to the company said November 10. In the US November 9, the styrene price was assessed at $1,230/mt FOB USG, the lowest globally. In Europe, the December styrene price was assessed November 9 at $1,340/mt FOB Rdam. (See chart 5)
All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster atjim_foster@platts.com.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น