Mixed Aromatics Methodology
Benzene
Benzene is used primarily as a raw material in the synthesis of styrene (polystyrene plastics and synthetic rubber), phenol (phenolic resins), cyclohexane (nylon), aniline, maleic anhydride (polyester resins), alkylbenzenes (detergents) and chlorobenzenes. It is used as a chemical intermediate in the manufacture of ethylbenzene, cumene, nitrobenzene, anthraquinone, benzene hexachloride, benzene sulphonic acid, biphenyl, hydroquinone and other products used in the production of drugs, dyes, insecticides and plastics.
Around 53% of benzene demand is accounted for in ethylbenzene/styrene production. The second largest consumer is cumene/phenol at 18%, followed by cyclohexane at 14%, chlorobenzene/nitrobenzene at 7% and alkylbenzene at 3%.
Other end-uses include adhesives, radios, toys, sporting goods, appliances, automobiles, tyres, and textiles. Benzene has been used in the rotogravure printing industry, preparation and use of inks in the graphic arts industries, in extraction and rectification, in shoe manufacturing, as a thinner for paints, as a degreasing agent and as a component of motor vehicle gasoline.
ICIS pricing quotes benzene in Europe, Asia-Pacific, China and the US Gulf.
Frequency:
- Aromatics Daily (Europe) and Benzene Daily (Asia) reports published on Mondays to Fridays
- Benzene weekly (Europe, Asia-Pacific, and the US) reports published on Fridays
- Real time Price Alert Service (PAS) delivering market news and trends throughout the day
- BTX (China) report published on Fridays
Benzene (EUROPE)
Daily Price Assessments:
Benzene Spot Prices
- CIF ARA current month (USD/MT & conversion to USD/GAL)
- CIF ARA forward month (USD/MT & conversion to USD/GAL)
Weekly Price Assessments:
Benzene Contract Prices
- FOB NWE monthly (EUR/MT & conversion to USD/GAL)
Benzene Spot Prices
- CIF ARA current month (*) (USD/MT & conversion to USD/GAL)
- CIF ARA current month (+) (USD/MT & conversion to USD/GAL)
- CIF ARA next month (*) (USD/MT & conversion to USD/GAL)
- CIF ARA next month (+) (USD/MT & conversion to USD/GAL)
NOTE:
- (+) represents the price range for the week
- (*) represents the price range at Friday close
Benzene (ASIA-PACIFIC)
Daily Price Assessments:
Benzene Spot Prices
- FOB Korea (USD/MT & conversion to US CTS/GAL)
Weekly Price Assessments:
Benzene Contract Prices
- CFR Asia monthly (USD/MT & conversion to US CTS/GAL)
Benzene Spot Prices
- FOB KOREA (*) (USD/MT & conversion to US CTS/GAL)
- FOB S.E.ASIA (*) (USD/MT & conversion to US CTS/GAL)
- CFR N.E.ASIA (*) (USD/MT & conversion to US CTS/GAL)
NOTE:
- (+) Price range for the week
- (*) Price range at close of business Friday
BTX (CHINA)
Weekly Price Assessments:
Benzene Spot Prices
- E. CHINA EX-WORKS (*) (CNY/MT)
- N. CHINA EX-WORKS (*) (CNY/MT)
- E. CHINA EX-TANK (*) (CNY/MT)
- N. CHINA EX-TANK (*) (CNY/MT)
NOTE:
- (*) Price range at close of business Friday
BENZENE (US GULF)
Weekly Price Assessments:
Benzene Contract Prices
- FOB (USD/GAL & conversion to USD/MT)
Benzene Spot Prices
- FOB BARGES (+) (USD/GAL & conversion to USD/MT)
- FOB BARGES (*) (USD/GAL & conversion to USD/MT)
NOTE:
- (+) Price range for the week
- (*) Price range at close of business Friday
General information:
Assessment Window:
Weekly assessments are based on information supplied by market participants through the week to close of business on Fridays at 1700 hours in London, Houston (US central time) and China (Beijing time), 1730 hours in Singapore. Daily assessments are based on information gathered throughout the day to close of business at 1700 hours in London and 1730 hours in Singapore.
Specification:
ICIS pricing quotes benzene conforming to ASTM D-2359/90 for major markets in US, Europe and Asian Pacific, and GB 3405-89 for China only.
Timing:
In Europe, cargoes loading (CIF) in the current month and in the forward month of the date of publication. For Asia-Pacific, the assessment window is up to six weeks forward from publication date, and in the United States, waterborne volumes for loading or delivery within four weeks. For China, cargoes loading prompt.
Terms:
Credit terms of up to 30 days. For China domestic only, payment is made at sight.
Standard cargo size:
In Europe, ICIS pricing assesses standard cargoes of 1,000 tonnes. In Asia-Pacific cargoes are typically 3,000 tonnes. In the United States spot prices are assessed for waterborne cargoes of at least 10,000 barrels. While in China, spot prices are assessed for standard cargoes of 100-500 tonnes.
Assessment Basis:
In Europe, where the weekly report includes both the week’s spread and Friday close prices, these are quoted separately. The price spread for the week is shown in reports as (+) and represents deals done. On the infrequent occasions when there are insufficient deals in the week to establish a representative weekly range and relying on deals alone does not reflect the market fairly and objectively for the week, ICIS pricing reserves the right to make an editorial judgment based on a combination of: the correlation between the current month and forward month; and bids and offers for that month.
In the European benzene market, a typical week will see around 5-10 reported deals. Most of these will involve industry (producers or consumers), either as buyers or sellers.
When assessing benzene spot deals, priority is given to deals in this order: from producers to consumers, producers to distributors, consumer or producer to trader, trader to producer/consumer/distributor, co-producer/co-consumer/inter-trade, and producer to affiliated subsidiary.
The price spread at Friday close is shown as (*) and represents the bid/sell range at the Friday deadline at 1700 hours London time.
In the absence of confirmed business during the week, quoted spot prices for the week’s range (+) may reflect discussion levels or the current levels of bids and offers.
The monthly contract price is quoted as soon as confirmation has been received from a representative number of arm’s length contractual partners.
The market commentary will normally cover details of the benzene monthly contract, contract prices for ethylene and styrene, contract negotiations, spot prices, production issues, relevant logistics, derivatives markets such as styrene and phenol, energy prices such as crude and gasoline. These elements will be factored in to price assessments.
The Aromatics Daily (Europe) report includes benzene spot transactions in USD/tonne on a CIF Amsterdam/Rotterdam/Antwerp basis. The price window reflects business for the current month and forward month, and the month will be abbreviated next to the quote (eg. JAN, FEB). The month will switch to the following month around mid-month, at that point when the majority of trade is being done for the following month. Prices are assessed based on information gathered throughout the day, including the day’s bid-offer range and all deals done during the day, to close of business. On days with deals, the assessment will reflect deals alone. On days without deals, the assessment will reflect bids and offers alone and can use the correlation between the current month and the forward month. On days with only one deal, the assessment will reflect that deal as well as bids and offers.
The ICIS Asia-Pacific and China Benzene weekly prices are assessed both (*) at the end of the week up to Friday close, due to the volatile nature of the market, and the ICIS Asia-Pacific Benzene weekly prices (+) based on the whole week’s deals and discussion levels.
The published ranges represent a combination of the following price indications: the deals concluded, bids and offers, buy and sell indications and notional discussions.
In the absence of deals, assessments based on bids and offers will be made to accurately reflect the levels at which business would probably have taken place during the week or at the Friday close of business. Factors affecting price movements, including the supply and demand situation, plant operating rates, feedstock and derivative markets, cargo movements, and general sentiment, will also be taken into account.
The monthly contract price is quoted as soon as confirmation has been received from the supplier and its customers. The monthly contract price in Asia is currently being settled by Nippon Oil and its customers.
The Benzene Daily (Asia) report covers spot deals on an FOB Korea basis. The assessment takes into account deals, bids and offers and price ideas heard throughout the day.
All China price quotes refer to ex-works and ex-tank prices in East China and North China.
East China ex-works assessment includes prices from Yangzi PC, Shanghai PC, Zhenhai PC and Yangzi-BASF. North China ex-works: Tianjin PC, Shijiazhuang Ref., Luoyang PC, Qilu PC, Qingdao PC and Qiwangda-Haizhong PC. East China ex-tank prices cover Nantong, Zhangjiagang and Jiangyin. North China ex-tank assessment covers Qingdao, Zibo, Beijing and Tianjin.
The contract price quote in the ICIS pricing US Gulf benzene report is updated on a monthly basis upon verification of full settlement. Historically, this monthly number is set and adhered to by major contractual players. Discussion of spot prices in the weekly report may include business conducted on a DDP (delivery, duty paid) basis.
Price assessments for US spot business are separately represented in the two FOB Barge quotes in the report. The first (+) depicts the price range of deals throughout the week. In the absence of concluded business, the range would be assessed on a combination of price indicators including the last-detected transactions, firm bids and offers, buy and sell indications as well as notional discussions. The second range (*) serves as an indicator of pricing at the close of the business week, and will normally include the highest standing bid fielded up to the lowest standing offer. The range should also comprise any concluded business recorded on Friday.
ICIS pricing reserves the right to make notional adjustments to price assessments to accurately reflect the levels at which business would probably take place by the close of business for the week. Factors affecting prices, including supply and demand, plant operating rates, feedstock and derivative markets and general sentiment, will also be taken into account.
Toluene
ICIS pricing quotes toluene in Europe, Asia-Pacific, China and the US Gulf.
Frequency:
- Toluene Daily (Asia) reports published from Mondays to Fridays
- Toluene weekly (Europe, Asia-Pacific and the US) reports published on Fridays
- Real time Price Alert Service (PAS) delivering market news and trends throughout the day.
- BTX (China) weekly report published on Fridays.
TOLUENE (EUROPE)
Weekly Price Assessments:
Toluene Monthly Contract Prices
- FOB NWE (USD/MT & conversion to USD/GAL)
Toluene Spot Prices
- FOB RDAM (+) (USD/MT & conversion to USD/GAL)
- FOB RDAM (*) (USD/MT & conversion to USD/GAL)
- CIF MED (*) (USD/MT & conversion to USD/GAL)
NOTE: (+) represents the price range for the week
(*) represents the price range at Friday close
Toluene (ASIA-PACIFIC)
Daily Price Assessments:
Toluene Spot Prices
- FOB Korea (USD/MT & conversion to USD/GAL)
- EAST CHINA EX-TANK (CNY/MT & conversion to USD/GAL)
Weekly Price Assessments:
Toluene Spot Prices
- FOB KOREA (*) (USD/MT & conversion to USD/GAL)
- CFR N.E.ASIA (*) (USD/MT & conversion to USD/GAL)
- CFR S.E.ASIA (*) (USD/MT & conversion to USD/GAL)
- E.CHINA EX-TANK (*) (CNY/MT & conversion to USD/GAL)
- CFR INDIA (*) (USD/MT & conversion to USD/GAL)
- CFR CHINA (*) (USD/MT & conversion to USD/GAL)
- INDIA EX-TANK (*) (INR/KG & conversion to USD/GAL)
Toluene Spot Prices
- FOB KOREA (+) (USD/MT & conversion to USD/GAL)
- CFR N.E.ASIA (+) (USD/MT & conversion to USD/GAL)
- CFR S.E.ASIA (+) (USD/MT & conversion to USD/GAL)
- E.CHINA EX-TANK (+) (CNY/MT & conversion to USD/GAL)
- CFR INDIA (+) (USD/MT & conversion to USD/GAL)
- CFR CHINA (+) (USD/MT & conversion to USD/GAL)
- INDIA EX-TANK (+) (INR/KG & conversion to USD/GAL)
NOTE: (+) represents the price range for the week
(*) represents the price range at Friday close
BTX (CHINA)
Weekly Price Assessments:
Toluene Spot Prices
- E. CHINA EX-TANK (*) (CNY/MT)
NOTE: (*) represents the price range at Friday close
Toluene (US GULF)
Weekly Price Assessments:
Toluene Commercial Grade Spot Prices
- FOB BARGES (+) (USD/GAL & conversion to USD/MT)
- FOB BARGES (*) (USD/GAL & conversion to USD/MT)
Toluene Nitration Grade Spot Prices
- FOB BARGES (+) (USD/GAL & conversion to USD/MT)
- FOB BARGES (*) (USD/GAL & conversion to USD/MT)
NOTE: (+) represents the price range for the week
(*) represents the price range at Friday close
General Information:
Assessment window:
Weekly assessments are based on information supplied by market participants through the week to close of business on Fridays at 1700 hours in London, Houston (US central time) and China (Beijing time), and 1730 hours in Singapore.
Daily assessments in Asia are based on information gathered throughout the day to close of business at 1730 hours in Singapore.
Specification:
ICIS pricing quotes toluene conforming to ASTM D-841. China domestic prices are defined by products conforming to either ASTM D-841 or GB 3406-90. The European contract quote is for TDI grade based on Toluene with 99.9% purity.
Timing:
Cargoes loading or delivered four-six weeks forward from the date of publication. China domestic market price quotes refer to cargoes loading within ten days from the date of publication.
Terms:
30-60 days after bill of lading date. For the CFR N.E.Asia, CFR China, CFR S.E.Asia and CFR India quotes, credit terms of up to 90 days are applicable. For China domestic markets, payment is made at sight. For India domestic market, credit terms of up to 90 days are applicable.
Standard cargo size:
1,000 tonnes in Europe, 2,000 tonnes in Asia. In the US, waterborne volumes of at least 10,000 bbls. In China domestic markets, spot prices are assessed for cargo sizes of 20-300 tonnes for East China. In India domestic market, spot prices are assessed for cargo sizes varying from 50-600 tonnes.
Assessment basis:
Where the weekly reports include both the week’s spread and Friday close prices, these are quoted separately. The price spread for the week is shown as (+) and represents deals done. Deals done after the Friday close will be included in the following week's report. The price spread at Friday close is shown as (*) and represents the bid/offer range at the Friday deadline.
The ICIS Asia-Pacific and China toluene weekly prices are assessed both (*) at the end of the week up to Friday close, due to the volatile nature of the market, and the ICIS Asia-Pacific toluene weekly prices (+) are based on the whole week’s deals and discussion levels.
The published ranges represent a combination of the following price indications: the deals concluded, bids and offers, buy and sell indications and notional discussions.
In the absence of deals, assessments based on bids and offers will be made to accurately reflect the levels at which business would probably have taken place during the week or at the Friday close of business. Factors affecting price movements, including the supply and demand situation, plant operating rates, feedstock and derivative markets, cargo movements, and general sentiment, will also be taken into account.
China domestic price quotes refer to ex-tank prices in East China. East China prices cover Zhangjiagang, Jiangyin and Ningbo.
India domestic price quotes refer to ex-tank prices in the Western India ports of Kandla and Mumbai.
In the US, commercial grade toluene is generally less actively traded, thus this price band may be calculated on a discounted basis to active nitration-grade values for the week.
All regional reports offer market commentary that includes details of traced transactions, news on the supply/demand balance, export/import information, contract price negotiations and general sentiment for price direction. Where applicable there is product information, comments on up and downstream market developments and general market intelligence.
The Toluene Daily (Asia) report covers spot deals on an FOB Korea and East China ex-tank basis. The assessment takes into account deals, bids and offers and price ideas heard throughout the day.
Xylenes
Xylenes are produced, along with benzene and toluene, from a reformer after running naphtha through an ethylene cracker. Their major use is in the production of para- and ortho-xylene which are split when xylenes are run through an isomerisation unit. They are also used as a solvent in the paints industry and for other solvent uses.
Paraxylene (PX) is the largest volume isomer of the mixed xylenes. Around 98% of PX demand comes from the polyester chain via the one of its intermediates purified terephthalic acid (PTA) or dimethyl terephthalate (DMT). Most xylenes production ends up in the polyester chain via paraxylene.
Mixed xylenes occur as a colourless, flammable liquid or crystals, with a characteristic odour. They are insoluble in water and miscible with most organic solvents.
Mixed xylenes is a clear, sweet and flammable aromatic liquid or vapour. It is harmful or fatal if swallowed or inhaled, causing respiratory tract irritation, eye and skin irritation or an allergic skin reaction.
ICIS pricing quotes xylenes in Europe, Asia-Pacific, China and the US Gulf.
Frequency:
- Xylenes Daily (Asia) report published on Mondays to Fridays
- Published weekly on Fridays
- BTX (China) published weekly on Fridays
- Real time Price Alert Service (PAS) for solvent grade xylene delivering market news and trends throughout the day.
Xylenes (EUROPE)
Weekly Price Assessments:
Xylene Spot Prices
- FOB RDAM (USD/MT & conversion to CTS/GAL)
Xylene (ASIA-PACIFIC)
Daily Price Assessments:
Isomer Grade Xylene Spot Prices
- FOB Korea (USD/MT & conversion to US CTS/GAL)
- CFR N.E.ASIA (USD/MT & conversion to US CTS/GAL)
Weekly Price Assessments:
Xylene Isomer Grade Spot Prices
- FOB KOREA (*) (USD/MT & conversion to USD/GAL)
- CFR N.E.ASIA (*) (USD/MT & conversion to USD/GAL)
- FOB KOREA (+) (USD/MT & conversion to USD/GAL)
- CFR N.E.ASIA (+) (USD/MT & conversion to USD/GAL)
Xylene Solvent Grade Spot Prices
- FOB KOREA (*) (USD/MT & conversion to USD/GAL)
- CFR CHINA (*) (USD/MT & conversion to USD/GAL)
- CFR S.E.ASIA (*) (USD/MT & conversion to USD/GAL)
- FOB KOREA (+) (USD/MT & conversion to USD/GAL)
- CFR CHINA (+) (USD/MT & conversion to USD/GAL)
- CFR S.E.ASIA (+) (USD/MT & conversion to USD/GAL)
NOTE: (*) represents the price range at close of business Friday
(+) represents the price range for the week
BTX (CHINA)
Weekly Price Assessments:
Solvent Grade Xylene Spot Prices
- E. CHINA EX-TANK (*) (CNY/MT)
NOTE: (*) represents the price range at close of business Friday
Xylene (US GULF)
Weekly Price Assessments:
Xylene Contract Price (FOB)
- FOB USG (1) (USD/GAL & conversion to USD/MT)
NOTE: (1) Contract price between a major Mixed Xylenes consumer and its suppliers
Xylene Spot Prices
- FOB BARGES (+) (USD/GAL & conversion to USD/MT)
- FOB BARGES (*) (USD/GAL & conversion to USD/MT)
NOTE: (+) represents the price range for the week
(*) represents the price range at close of business Friday
General Information:
Assessment window:
Weekly price assessments are based on information supplied by market participants through the week up to close of business on Fridays at 1700 hours in London and Houston, and 1730 hours in Singapore and China.
Daily assessments are based on information gathered throughout the day to close of business at 1730 hours in Singapore.
Specification:
Solvent xylenes are defined as product conforming to ASTM D-846 and ASTM D-843 with one or more isomer removed. Virgin xylenes refers to product with a maximum ethyl benzene content of 20%.
Timing:
Cargoes loading or delivered four weeks forward from the date of publication. In Asia, the assessment window is up to six weeks forward from publication date. For China, domestic market price quotes refer to cargoes loading within ten days from the date of publication.
Terms:
30-60 days after bill of lading date with the exception of the CFR N.E.Asia, CFR China and CFR S.E.Asia quotes which are inclusive of up to 90 days’ credit terms. For China domestic markets, payment is made at sight.
Standard cargo size:
1,000 tonnes in Europe. In Asia, solvent grade cargoes of 1,000-3,000 tonnes and isomer grade of 3,000-5,000 tonnes. In China domestic markets, spot prices are assessed for cargo sizes of 20-300 tonnes for East China. In the US, waterborne volumes of at least 10,000 bbls.
Assessment basis:
Due to the volatile nature of the aromatics market, most ICIS Xylene reports offer two assessments – one through the week (+), the other at the close of business on Fridays (*). The published ranges represent a combination of last deals concluded, bids and offers, buy and sell indications and notional discussions heard by the close of business on Friday. Deals done after the Friday close will be included in the following week's report.
In the absence of deals on Friday, price indications heard from mid-week will be included in the Friday price assessment. Notional adjustments will also be made to accurately reflect the levels at which business would likely take place by the end of Friday
The Xylenes Daily (Asia) report covers spot deals on an FOB Korea and CFR N.E.Asia basis for isomer grade xylene. The assessment takes into account deals, bids and offers and price ideas heard throughout the day.
The BTX China report covers East China ex-tank. China domestic price (solvent grade) quotes refer to ex-tank prices in East China: Zhangjiagang, and Jiangyin.
The Xylene Weekly (Asia Pacific) report quotes CFR China price (solvent grade) which covers spot deals done to East China and South China. The assessment takes into account deals, bids and offers and price ideas heard.
Most of the business reported in Europe is for solvent xylenes and is linked to the European distribution market. Occasional imports of US material for production of paraxylene would not be reflected in the quotes, although changes in US prices may impact European prices indirectly.
Notional adjustments will be made to accurately reflect the levels at which business would likely take place by the close of business on Friday. Factors affecting price movements, including supply and demand situation, plant operating rates, feedstock and derivative markets, and general sentiment, will also be taken into account.
The contract price quote in the ICIS pricing US xylene report is updated on a monthly basis upon verification of full settlement. Historically, this monthly number is set by a major xylene buyer and its suppliers. Secondary contract settlements between other contractual players are mentioned in the market commentary, but not incorporated into the contract price table.
All regional reports offer market commentary that includes details of traced transactions, news on the supply/demand balance, export/import information, contract price negotiations and general sentiment for price direction. Where applicable there is product information, comments on up and downstream market developments and general market intelligence.