11 March 2008 04:22 [Source: ICIS news]
SINGAPORE (ICIS news)--Traders’ speculation which pushed Nymex futures above $108/bbl overnight on Monday, had limited impact on the Asian petrochemicals market.
Despite buoyant energy numbers on Tuesday morning, reaction from the petrochemicals markets was mostly tepid with spot ethylene prices on a downtrend and naphtha crackers across
Rising crude values had seen naphtha prices climb to record levels in the past few months prompting Asian producers to scale back production with several cracker operators, including
Other naphtha crackers such as
More than a third of the aromatics plants in
Producers like Japan Energy, Nippon Oil Corp and
With major reformers reducing supply, aromatics prices were expected to remain stable-to-firm going into the second quarter.
Hence, there was a limited impact of the rally on the Asian benzene market with prices notionally assessed stable from Monday’s close at $1,065-1,075/tonne FOB (free on board) Korea.
Discussions were limited for prompt cargoes, with a single bid heard for a normal berth second-half April loading parcel at $1,050/tonne FOB
Traders were heard waiting at the sidelines, wary of the volatility in the crude market, while ample inventory in
Toluene prices held steady at $985-995/tonne FOB
Bucking the trend, styrene monomer (SM) prices were up some $5-10/tonne today with buy-sell indications for April parcels posted around $1,415-1,440/tonne FOB
However, traders did not expect further upside from this level, given ample stocks in
Paraxylene (PX) selling indications were also higher at $1,270/tonne CFR (cost & freight)
Buyers acknowledged that some bids at $1,250/tonne had emerged, as buying interest remained strong.
A soda ash seller in
“The freight charges will probably be raised since our cargoes come all the way from
Steve Tan, Mahua Chakravarty and Hong Chou Hui contributed to this article.
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