29 February 2008 04:52 [Source: ICIS news]
SINGAPORE (ICIS news)--Asia naphtha rose on Friday after crude hit a record of over $103/bbl (€68/bbl) but aromatic and polymer markets were less moved as prices were already near record highs and demand was weak, traders said on Friday.
First half April naphtha prices opened around $18/tonne higher at $913-916/tonne CFR (cost and freight) Japan from Thursday's close as US May crude futures hit $103.05/bbl in early morning trade after a landslide broke a major oil pipeline at Petroecuador.
However, it slid back to around $102/bbl as the company quickly reversed a force majeure on oil exports.
Stock indices in the north Asian region were down 1-2% after economic data showed a severe slowdown in fourth quarter growth for the
The surge in crude failed to lift the aromatics market as buyers wait on the sidelines.
Benzene prices fell $5/tonne to $1,080-1,090/tonne FOB (free on board)
“Market players don't have a firm idea about the future [benzene] market," said a South Korean producer.
However, prices for April toluene cargoes firmed $5/tonne to $970-980/tonne FOB
Offers for styrene monomer (SM) rose $10/tonne to $1,430/tonne FOB Korea for second March parcels and $1,440/tonne FOB for April cargoes, but buying indications were little changed at $1,390/tonne FOB and $1,420/tonne FOB for the two respective periods.
Higher crude prices did not boost buying sentiment in Asian polymer market on weak demand, buyers’ resistance and the Indian 2008-09 budget due this evening.
In the south
Different types of film grade polyethylene (PE) from the
High polyolefins prices also deterred buying in southeast Asian countries such as
Some buyers in
“But the high crude levels may help keep prices firm in the face of possible customer resistance if taxes come down in the Budget,” a trader said.
Polypropylene (PP) prices have not risen so sharply as supply was ample, a second trader said, adding that they remained stable at $1,520-1,530/tonne CFR India for raffia and injection grades and at $1,550/tonne CFR India for film grade,
High crude coupled with improved demand could cause polyvinyl chloride (PVC) prices in
($1 = €0.66)
Clive Ong, Chow Bee Lin, Prema Viswanathan, Mahua Chakravarty and Desmond Chia contributed to this article.
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