Month: January 2019

Styrene prices showed mixed trend on the week

Styrene prices showed a mixed trend of Rs ±2/kg week on week to Rs 83-85/kg at major ports of India.
Demand of the material noticed moderate, prices expected stable to ±1/kg in coming days.

International Market Updates:

Asian styrene monomer fell $6/mt on the day to $1,003/mt CFR China and $953/mt FOB Korea Thursday despite the rise in upstream crude and benzene. Discussions were thin in the afternoon, and prices were initially higher on the day before shedding the gains late afternoon. In the east China domestic market, the prompt marker fell Yuan 80/mt on the day to Yuan 8,120/mt ex-tank Thursday. Sentiment is bearish in the Chinese market on the growing pressure from ample prompt cargoes, and the significant quantity of deepsea cargoes arriving in China next week. “The market is facing great pressure from the amount of spot SM available now,” said a market participant. According to sources, while the market appears to be less bearish at the start of the year amid stronger demand in the downstream markets, there are concerns around the sustainability of the rise in prices. “Downstream demand has definitely improved from late last year. However, most of this is likely restocking prior to the Chinese New Year,” said a market source. “So, it’s unclear how demand will be in late February to March. In addition, trade talks in March would highly likely have an effect on SM prices,” the source added. In the related feedstock markets, ethylene was assessed stable at $870/mt CFR Northeast Asia amid limited fixed price discussions, while benzene CFR China rose $5/mt on the day to $581/mt Thursday.

Toluene market on positive trend in Indian markets

Toluene trading prices noticed between Rs 49.5-51/kg week on week in the Indian market expected stable to bit up in coming days.
“Importers can remain the market at Rs 50-52/kg in coming days to get good positive margin as International market of toluene recovering.”-source.

International Market Updates:

Asian toluene rose $2/mt on the day to close at $567/mt FOB Korea and $604/mt CFR China Thursday on the back of a bid heard at $565/mt FOB Korea for any February loading cargo during the Platts Market on Close assessment process Thursday. On Thursday, thin liquidity was heard throughout the Asian market despite the recent day on day spike in prices, caused in part by the constantly surging domestic Chinese price. “The market is very long bar China,” a trader based in Southeast Asia said Thursday. “Everywhere you see excess supplies,” he added. In China, domestic East China discussions ended market bullishness observed since the turn of the new year at mid-day Thursday. The domestic prompt ex-tank was discussed at approximately Yuan5,280/mt on Thursday morning, but nosedived to close at Yuan 5,130/mt towards the end of the day. “I am guessing there are many in China who feel right now that the recent spike in crude is short-lived and will not carry on forever,” a China-based trader said Thursday. “Crude is rising but domestic prices are falling today, don’t you think it is weird,” The trader said Thursday. Moreover, fewer domestic East China deals were heard Thursday compared to the day before with some sources saying that offers outnumbered bids in the East China market on Thursday. The East China domestic ex-tank marker was assessed at Yuan 5,150/mt Thursday, converting to an import parity of $624.51/mt, down some Yuan 50/mt from the day before. Elsewhere, toluene supply was heard to be long in Southeast Asia. “SEA price is far below the FOB now, excess supplies [are] everywhere,” a trader based in SEA said Thursday.