29 March 2012 03:39 [Source: ICIS news]
(recast to clarify xylenes markets in paragraphs 11 to 18)
By Bohan Loh and Mahua Chakravarty
Overall sentiment was weaker in
Spot prices were at $1,175-1,185/tonne (€881-889/tonne) FOB (free on board)
The arbitrage window was closed on Thursday as the US-Asia benzene spread was at $33-44/tonne, based on Wednesday’s
The freight rates for shipping about 6,000 tonnes of benzene from
In Europe, the market bucked the trend in the
Trade has been soft in the recent weeks amid poor demand from the key Chinese market, where downstream sectors are struggling with the impact of a slowing economy.
On the other hand, the European toluene market was largely stable on Wednesday, with prices remaining at $1,220-1,240/tonne FOB
For the mixed xylenes (MX) market, the
Despite a closed arbitrage on paper since the end of February, traders are still moving shipment from the
Cross-Pacific freight rates for 10,000 tonne shipments were last heard at the mid-$90s/tonne on 29 March.
In the paraxylene (PX) market, the Europe-Asia, USG-Asia arbitrage remain closed for the week ended 23 March, with the respective inter-region spreads at $56.50/tonne and $60.21/tonne.
The spot prices were at $1,577/tonne CFR Taiwan and/or CMP (
Inter-regional trade has been subdued over the past few weeks because of squeezed downstream purified terephthalic acid (PTA) margins.
However, a few shipments for April/May delivery were heard being shipped from the
Freight rates for a 10,000 tonne shipment from
Additional reporting by Truong Mellor, Brian Balboa, Blanca Venegas and Helena Strathearn
($1 = €0.75)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections