16 April 2008 04:44 [Source: ICIS news]
SINGAPORE (ICIS news)--Prices of aromatics in Asia rose on Wednesday but naphtha lagged behind sharp gains in crude, which surged past $113/bbl overnight to create fresh record.
First half June naphtha opened $8.50/tonne higher on Wednesday to $932.50-935.50/tonne CFR (cost and freight)
NYMEX May crude futures touched an all-time high of $114.08/bbl in intra-day trade on Tuesday amid supply concerns at Mexico, rising diesel demand in China and a weak US dollar.
It softened to $113.59/bbl on Wednesday in Asian trade as the US dollar strengthened against the Euro.
Benzene prices rebounded $10-15/tonne to $1,085-1,100/tonne FOB (free on board)
Toluene prices edged $5/tonne higher to $1,030-1,040/tonne FOB Korea as selling indications were at $1,040-1,045/tonne for second half May loading.
Buy-sell indications for styrene monomer (SM) May parcels were pegged at $1,405-1,425/tonne FOB
The crude surge also led to higher paraxylene (PX) contract nominations on Tuesday, causing downstream purified terephthalic acid (PTA) makers to withdraw their spot offers, a source from Taiwanese PTA maker Tuntex Petrochemical said.
“If PX is around $1,360-1,390/tonne CFR Asia, it would be suicidal to continue selling PTA below $1,000/tonne CFR China,” he said, adding that this might again delay PTA contract negotiations.
($1 = CNY6.99)
Desmond Chia, Clive Ong, Hong Chou Hui and Mahua Chakravarty contributed to this article.
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