No firm direction for June cargoes
The Asian butadiene Market fell $5/mt day on day with unsold cargoes still seen offered in the Market. A second-half May-first-half June arrival cargo of Asian material was offered at $965/mt CFR China/ Taiwan Friday and the offer lowered to $960/mt Friday, with the cargo still in discussion. Another 3,000-mt cargo of Indian material for H2 May-H1 June was offered at $950/mt CFR China Friday. In China, sources said that there was little change in the domestic spot Market, with fundamentals still weak. Port stocks were still high. “It is very quiet today,” said one China-based trader, adding that there was no urgency to procure imports. Sellers sought pricing direction for Junearrival cargoes, but there were few firm indications. “We are hoping for the Market to improve, but it seems unlikely,” said another trader. In other news, there was no firm projection given on when Malaysia’s PrefChem could be expected to start exporting butadiene cargoes, following an earlier explosion. S&P Global reached out to a Prefchem company source but there was no response as yet.
The CFR China marker was assessed down $5/mt day on day at $955/mt Friday, in between an offer and a bid at $960/mt and $940/ mt CFR China/Taiwan, respectively. The CFR Northeast Asia marker was assessed down $5/mt on the day at $955/mt Friday, amid weak sentiment across Asia. The FOB Korea marker was assessed down $5/ mt on the day at $905/mt. The domestic China marker was assessed unchanged at Yuan 7,500/mt ex-tank East China, amid tradable values seen at Yuan 7,500/mt ex-tank East China. The CFR Taiwan marker was assessed unchanged on the week at $955/mt, in between an offer and a bid at $960/mt and $940/mt CFR China/Taiwan, respectively. The Southeast Asia marker was assessed unchanged on the week at $905/mt amid thin trading activity.