Acetone Price in India

NWE Styrene Chemical Industry – Spot prices fall on weak demand, oversupply

Chemical Industry

Chemical Industry news of NWE Styrene

– Imports from US add to supply

– Asia highest-priced region

The European styrene Chemical Industry fell significantly Thursday on weak demand and oversupply. S&P Global  assessed styrene for loading 5-30 days forward at $1,039/mt FOB ARA Thursday, down $42.50 from Thursday. Despite the fall in European prices buyers and sellers remained far apart. Bids were seen at $1,000/mt while offers moved lower to $1,040/mt from $1,065 /mt earlier in the day. No deals were reported. Chemical Industry participants also pointed to styrene imports from the US increasing European supply. In Asia styrene inched $11 higher on day to $1,088/mt CFR China Chemical Industry Thursday on the back of the release of fresh weekly inventory data indicating a drawdown in stockpiles. The fall in European prices caused Asia to become once again the highest priced region globally. A Chinese source attributed styrene’s rise to greater Chinese domestic buying. According to sources, styrene inventory in East China Chemical Industry fell 19,500 mt week on week to 241,000 mt Thursday. In the US, prompt and forward-month styrene prices were assessed Thursday at $990/mt FOB USG.

RATIONALE:

S&P Global assessed styrene for loading 5-30 days forward at $1,039/mt (Chemical Industry) FOB ARA Thursday, down $42.50 from Thursday. May was assessed at $1,039/mt, down $45 on the day, $1 below the offer at $1,040/mt and above the bid at $1,000/mt (Chemical Industry). June was assessed at $1,039/mt, down $35 on the day, $1 below the offer at $1,040/mt and above the bid at $1,000/mt. This put May and June at parity.

 

Chemical Industry
Chemical Industry

NWE Benzene Chemical Industry – Market slips as prompt interest wanes

Chemical Industry

Chemical Industry news of NWE Benzene

– Prices move downwards towards June

– Potential imports could cap July prices

The 5-30 days forward assessment for benzene was down $3/mt at $749/mt CIF ARA on Thursday, as interest in the front end of the Chemical Industry waned and the laycan rolled forward, accommodating more of the steep price drop into June from May.  Purchasing for May had dried up this week, a trader said, with the major purchaser in the front of the Chemical Industry stepping back. This purchasing has been a driver of higher pricing at the front of the Market as there has been no significant shift from high levels of supply in Europe. Some more bearish sentiment was also generated by a drop in crude Thursday, though the ICE Brent 16:30 London assessment saw some recovery on Thursday, rising 44 cents to $70.57/b. European benzene maintained a hefty premium over Asia, with the FOB Korea Chemical Industry up $2.33 at $622.33/mt. This put a discount of almost $90/mt against the European July assessment, the gap prompted a trader to say this imposed a cap on the Market and would ensure prices would remain in backwardation, or European producers would be quickly undercut by imports.

RATIONALE:

S&P Global assessed benzene for delivery 5-30 days forward at $749.50/mt CIF ARA Thursday, down $2.50 from Thursday (Chemical Industry). May was assessed down $1 at $760/mt, based on the curve. A bid-offer range of $750-$770/mt was heard for May 15-20, and a bid-offer range of $750-$760/mt was heard for full May. June was assessed stable at $718.50/mt, based on the curve and within an indicated spread to May of minus $30-$45/mt. First-half June was assessed at $721/mt, within a bid-offer range $710-$730/mt. H2 June was assessed at $716/mt (Chemical Industry), within a bid-offer range of $705-$725/mt. July was assessed stable at $712.50/mt, within a bid-offer range of $700-$715/mt and within an indicated spread to June of minus $5-$15/mt. August was assessed down $3.50/mt at $709/mt, with a bid-offer range $695-$710/mt. September was assessed flat to August under an offer at $710/mt (Chemical Industry). FOB was assessed at $749.50/mt, flat to CIF.

 

Chemical Industry
Chemical Industry

Asian Methanol Chemical Industry: Indian methanol prices ease on fresh supply

Chemical Industry

Chemical Industry news of Asian Methanol

– CFR India slips $10/mt on week

– Buying sentiment muted in China

Fundamentals in the Indian methanol Chemical Industry for the first half of June looked decidedly more bearish compared to three weeks ago. The arrival of fresh cargoes this week and availability of spot cargoes through recent tenders changed the complexion of the Chemical Industry, trade sources said Thursday. Domestic prices over Thursday to Thursday fell to around Rupee 24-24.50/kg compared to Rupee 29/kg a month ago, and cargoes arriving at West Coast India from May 20 onwards were heard offered at Rupee 23.50-24/kg. Shipping fixtures showed an estimated 80,000 mt of methanol is expected to arrive or has arrived at Kandla, Hazira, and Mumbai this week. The cargoes did not include 10,000-30,000 mt which Khark Petrochemical offered in a tender which closed last week, and the 20,000-40,000 mt that Kaveh Methanol Chemical Industry is offering in a tender for second-half of May loading, which closed Thursday. In China, buying sentiment was muted even as methanol futures and domestic prompt spot prices rose. The actively-traded September methanol futures contract on the Zhengzhou Commodity Exchange closed Yuan 14/mt higher at Yuan 2,463/mt Thursday (Chemical Industry).

RATIONALE:

CFR China methanol Chemical Industry price rose $1/mt day on day to be assessed at $283/mt Thursday, in line with firmer local prices. Chinese domestic cargoes were assessed at Yuan 2,345/mt Thursday, up Yuan 20/mt day on day amid discussions heard at Yuan 2,340-2,350/mt. CFR Southeast Asia methanol Chemical Industrial price was assessed unchanged at $332/mt Thursday, under an offer at $340/mt CFR. The CFR India Market fell $10/mt week on week to $300/mt CFR, after taking into consideration Chemical Industry feedback that tradable levels for May 28-Jun 17 were around $300/mt CFR.

 

Chemical Industry
Chemical Industry

Asian Toluene Chemical Industry: Rebounds as domestic China prices strengthen

Chemical Industry

Chemical Industry news of Asian Toluene

– Domestic prices rise Yuan 70/mt on day

– CPC issues June sell tender

Asian toluene prices rebounded Wednesday, rising $6/mt day on day to be assessed at $674/mt FOB Korea, tracking a recovery in crude oil prices and China’s domestic Chemical Industry. The ICE July Brent crude oil futures pared some losses while market participants stayed cautious amid renewed US-China trade tensions, ending $1.19/b higher on the day to $70.97/b at the 0830 GMT Asian close Wednesday. During the Chemical Industry on Close assessment process Wednesday, no transparent bids or offers were received, but an unregistered offer was heard at $695/mt CFR China for a 2,000-mt June cargo. Prompt domestic Chinese negotiation levels were heard around Yuan 5,250-5,270/mt levels, and was assessed at Yuan 5,260/mt Wednesday, up Yuan 70/mt on the day. “Buying appetite for toluene in China is generally low at the moment but an upward correction might be due later in June,” a Chemical Industry source said. Elsewhere, Taiwan’s state-owned CPC has issued a tender offering two 3,000 mt cargoes of toluene with minimum 99.5% purity for loading over H1 or H2 June in Kaohsiung. The tender closes May 7. The Chemical Industry last sold at least two toluene cargoes of 3,000 mt each for loading over May from Kaohsiung. Buyer details could not be confirmed.

RATIONALE:

Toluene was assessed at $674/mt FOB Korea and at $694/mt CFR China on Wednesday, up $6/mt and $10/mt respectively on the day. The markers take the average of the third and fourth half-month laycans, currently H1 June and H2 June. During the Chemical Industry on Close assessment process, no transparent deals, bids or offers were seen. The CFR China marker was assessed below the lowest June offer on Wednesday heard at $695/mt CFR China. Earlier in the afternoon, a June offer was heard at $675/mt FOB Korea, against no bids. The East China domestic prompt price was higher on the day by Yuan 70/mt at Yuan 5,260/mt on Wednesday, with tradable indications heard between Yuan 5,250-5,270/mt (Chemical Industry).

 

Chemical Industry
Chemical Industry

Orthoxylene Chemical Industry

South Korea producers face competition from China „„

Downstream phthalic anhydride stable on week

Asian orthoxylene prices fell this week in thin discussion amid holidays in China and Japan. The CFR China marker was assessed down $25/mt week on week at $895/mt, above buying indications heard at $850/mt CFR and below an offer for Japan-origin cargo heard at $920/mt CFR Northeast Asia. The East China prompt price was heard at Yuan 6,900/ mt ex-tank Zhangjiagang, equating to $880-$890/mt CFR China on an import parity basis. State refiner Sinopec maintained its East China list price at Yuan 6,700/mt ex-tank. Sinopec was also heard to be offering 3,000 mt of spot OX for export in H2 May at $960/mt FOB China Friday. The state refiner last sold a spot cargo for H2 April loading at around $1,000/mt FOB China, market sources said. With European spot OX prices on the wane, European demand for June delivery cargoes from Northeast Asia had fallen, prompting producers to reduce offers, market sources said. The European OX contract price for April was fully settled at Eur930/mt ($1,036/mt), up Eur70/mt from March, S&P Global reported earlier. OX supply has remained tight since February due to production and supply issues in Europe and buyers there have resorted to looking to the US Gulf and, more recently, South Korea, for material. A 3,000 mt South Korean parcel sold via tender by Lotte Chemical in mid-April above $1,020/mt FOB Korea was heard to be heading to Europe by end June. The FOB Korea marker was assessed down $30/mt on the week at $980/mt, based on a trade heard at that level. South Korean producers are facing stiff competition from China, with state refiner Sinopec heard offering a 3,000 mt end May loading spot cargo for export this week at $960/mt FOB China. Southeast Asia was assessed at $995/mt, based on tradable indications heard at $990-$1,000/mt CFR, and tracking the fall in adjacent markets and at a freight netback to FOB China. The downstream phthalic anhydride market in both Northeast and Southeast Asia remained stable this week ahead of Ramadan and amid the holidays in China and Japan. PA was assessed unchanged on the week at $945/mt CFR China in the absence of bids and offers. The CFR SEA marker was assessed unchanged on the week at $1,070/mt, based on trades concluded at $1,060-$1,080/mt CFR SE Asia. In downstream plant news, South Korea’s LG Chem plans to restart its 60,000 mt/year PA plant in Yeosu around mid-May after shutting for maintenance in early April. In statistics news, China’s OX imports fell 62.6% on the month to 7,010 mt in March, with 5,000 mt arriving from India and 2,000 mt from Japan, latest customs data showed.

Rational

Asian OX was assessed down $25/mt week on week at $895/mt CFR China, down $30/mt at $980/mt FOB Korea and down $25/mt at $995/ mt CFR Southeast Asia Friday. A CFR China buying indication was heard at $850/mt CFR and a May delivery notional tradable indication at $880-$890/mt CFR China, based on the domestic East China import parity level. A CFR Northeast Asia offer was also heard at $920/mt. The FOB Korea marker was assessed at $980/mt based on a trade at that level. Southeast Asia was assessed at $995/mt based on tradable indications heard at $990-$1,000/mt CFR, and tracking falls in adjacent markets. SE Asia was assessed at a freight netback to FOB China on tradable indications of around $960/mt FOB.

 

Asian Styrene Chemical Industry: Rises $7/mt on week, at $1,068/mt CFR China

Chemical Industry

Chemical Industry news of Asian Styrene

– Supported by recent gains in Western crude

– Styrene inventory down to 208,000 mt

Asian styrene monomer Chemical Industry increased $7/mt from last Monday to $1,068/mt CFR China  and $1,028/mt FOB Korea Monday, supported by the recent gains in upstream western crude, where the June ICE Brent crude futures were up $2.45/b (Chemical Industry) from last Monday at $74.21/b. Day on day, however, styrene prices inched down $5/mt, tracking the steep losses in benzene and ethylene, which were down $14/mt FOB Korea and $10/mt CFR Northeast Asia Monday, respectively. Bids were heard at $1,065/mt CFR China for June-arrival styrene cargoes but it did not attract any selling interest. Discussions were thin and rangebound in the East China domestic Chemical Industry and the May marker fell Yuan 40/mt on the day to Yuan 8,210/mt ex-tank Monday. The drawdown in east China styrene inventory continued, with consumption and arrivals at 20,700 mt and 11,000 mt, respectively, bringing the inventory down to 208,000 mt (Chemical Industry). However, sources noted that with the exception of China, Asia is facing tighter supply due to the ongoing plant maintenances in the region. Sources added that delayed deepsea cargoes from the US due to the tank fire earlier have further tightened supply in Asia. Besides, Taiwan is also experiencing delayed styrene shipment of Korean material. “Logistical reasons have led to tighter supply in Taiwan for the time being,” said an Asian producer. Weekly styrene was assessed at $1,059/mt CFR Southeast Asia, up $8/mt from last Monday, and $1,062/mt CFR India Chemical Industry Monday, up $7/mt from last Monday.

RATIONALE:

Asian SM was assessed down $5/mt on the day at $1,068/mt CFR China and $1,028/mt FOB Korea Monday. The markers currently take the average of the H2 May and H1 June laycans. There were no transparent bids or offers during the Chemical Industry on Close assessment process on Monday. H1 June was assessed at the pegged level of $1,068/mt, above a bid last seen at $1,065/mt CFR China. Maintaining the pegged flat May/June spread, H2 May was assessed at $1,068/mt. In the east China domestic Chemical Industry, the May marker was assessed down Yuan 40/mt on the day at Yuan 8,210/mt ex-tank, equating to $1,058.29/mt on an import parity basis. The FOB Korea marker was assessed at $1,028/mt, based on the pegged $40/mt spread to CFR China, while the CFR Taiwan marker was assessed at $1,058/mt, based on the pegged $10/mt spread to CFR China Chemical Industry.

 

Chemical Industry
Chemical Industry

Methanol Prices

Chemical Industry

Weak MEG, PTA Chemical Industrys impact domestic prices

Ample inventory in S Korea, Taiwan

Sentiment in the Chinese Methanol Prices was weak Friday following the monoethylene glycol and purified terephthalic acid market. Methanol end-users kept their buying indications unchanged at $260/ mt CFR, while selling indications ranged from $270/mt CFR to a premium of 1%-2.5% to formula price. A trade for a 5,000-mt cargo of Southeast Asian origin Methanol Prices was heard done at $293/mt CFR for mid-May arrival. End-users and Chinese traders said the methanol Chemical Industry was expected to see some downside next week and the $293/ mt level was not repeatable. The most actively traded September contract on the Zhengzhou Commodity Exchanged closed Yuan 68/mt lower at Yuan 2,291/mt Friday. In South Korea, traders had ample inventory and domestic demand was tepid, sources said. Domestic cargoes were traded at Won 385/kg (Methanol Prices), same level as last week, trade sources said. Trading was thin in Taiwan. “It’s a very weak market with ample supply and weak demand, following the softening China market,” a trader said. Elsewhere in India, a Middle East producer sold 10,000 mt of Methanol Prices to an Indian trader via a tender which closed Friday at $337/mt CFR. The cargo is expected to arrive at West Coast India around May 14.

Rationale

CFR China Methanol Prices were assessed at $279/mt, down $7/mt day on day, tracking steep falls in domestic prices and below an offer at $293/ mt CFR for cargoes arriving in the second-half May. Chinese domestic prices fell Yuan 46/mt day on day and Yuan 83/mt week on week, to Yuan 2,292/mt Friday, amid discussions heard at Yuan 2,280-2,300/ mt (Methanol Prices). The CFR Southeast Asia marker was assessed at $333/mt Friday, unchanged from Friday and below an offer at $335/mt CFR. The CFR Korea marker was assessed steady week on week at $325/mt and below an offer at $330/mt CFR. The CFR Taiwan marker was assessed at $294/mt Friday, down $6/mt (Methanol Prices) on week, tracking the Chinese market (Methanol Prices).

 

Methanol Price
Methanol Price

NWE Xylenes Chemical Industry – Xylenes stable in thin trade

Chemical Industry

– PX ECP fully settled at Eur995/mt, rollover

– OX ECP entering final negotiation stages

European xylenes spot pricing was stable on Thursday with little activity seen in the Chemical Industry. “We’ve had nothing at all this week,” a source said. In mixed xylenes specifically, supply was good, but offer levels were heard to be above buyers’ expectations. “In the Med, there is a product but the premium is too high and consumers don’t want to pay for it,” a trader said (Chemical Industry). Exports were also not an option, with one trader noting that arbitrage opportunities were closed and another adding that the usual route to India was also not open because pricing in the Middle East and the Far East was more attractive. In contract news, the European paraxylene contract price for April was confirmed as fully settled on Thursday at Eur995/mt, a rollover from March. The settlement should give some direction to spot trading as well as downstream Chemical Industry. The European orthoxylene contract price was not confirmed to be fully settled yet, though sources suggested a full settlement would be agreed shortly. European orthoxylene spot trade has thinned again following Lotte Chemical’s spot tender before Easter. Pricing was stable at $1,150/mt FOB ARA Chemical Industry.

RATIONALE:

S&P Global assessed M1 May and M2 June mixed xylene CIF ARA premiums to Eurobob gasoline stable on the day at $110/mt, above a value indication at $100/mt and below May offers heard at $120/mt and $130/mt (Chemical Industry). The June premium was kept at parity to May. May Northwest European paraxylene was stable at $840/mt FOB ARA, amid no disproving indications in thin trade. June was stable at $840/mt FOB ARA, maintaining parity with May. The paraxylene 5-30 day forward spot price was assessed as the average of the period at $840/mt FOB ARA, stable on the day. Orthoxylene was assessed at $1,150/mt FOB ARA, stable on the day amid no disproving indications (Chemical Industry).

 

Chemical Industry
Chemical Industry

Asia and Middle East Naphtha Chemical Industry Commentary

Chemical Industry

Trade activities faded in the Asian naphtha Chemical Industry Friday ahead of the Good Friday holiday. Sentiment over the supply-demand balance was softer, largely due to expectations that the prompt laycans would see more weight on supplies. “Chemical Industry looks oversupplied for early arrival cargoes, like [late] April, early May,” a trader said. A handful of sources expect around 1.7 million mt of arbitrage volume to hit the Far East in April, and estimated May-arrival naphtha to be around 1.4 million mt. On spot activities, UAE’s Abu Dhabi National Oil Co. offered 75,000 mt paraffinic naphtha for May 24-27 loading from Ruwais. The tender closed late Friday, and bids remain valid until April 19. Bharat Petroleum Corp. Ltd. sold up to 30,000 mt of naphtha Chemical Industry with minimum 68% paraffin and maximum 250 ppm sulfur for April 27-30 loading, at a premium around $5.5-$6/mt to the average of and Petroleum Argus Arab Gulf naphtha assessments, FOB. The buyer was Petro China Chemical Industry. On shipping, downward pressure on freight rates for clean tankers moving along the Arab Gulf-Japan route extended further, with the LR2 vessel chartering cost dipping to $19.91/mt Friday, and marking the weakest level seen since late October last year. The LR1 vessel chartering cost held steady for three sessions at $22.07/mt, but was still the lowest since mid-September last year.

Chemical Industry
Chemical Industry

Asian Methanol Chemical Industry : Prices flat to lower in thin trade

Chemical Industry

– Chinese buying appetite tepid for May

– Demand stable in Indonesia ahead of election

Trading in the Asian methanol Chemical Industry was thin Tuesday. Trade sources said Chinese buying appetite for May was lackluster and inventory at China’s eastern ports was still high. “No one has a clear buying idea,” a trader said. In Indonesia, demand was stable in the lead-up to the country’s general election on Tuesday, and trade sources said a Malaysian producer was supplying adequate cargoes to Indonesia. In Thailand Chemical Industry, discussion was thin due to Song Kran festivities. In Iran, Zagros Petrochemical Company shut its 1.65 million mt/year No. 2 methanol plant at Assaluyeh Tuesday for planned maintenance that will take around 10 days, a company source said Tuesday. ZPC’s 1.65 million mt/year No. 1 plant at Assaluyeh is currently operating at 80% of capacity, the source added.

RATIONALE:

Methanol  Chemical Industry was assessed at $295/mt CFR China Tuesday for cargoes delivered 20-50 days forward, down $3/mt from last Tuesday. Domestic east China prices fell Yuan 30/mt over the same period to Yuan 2,425/mt amid discussions at Yuan 2,420-2,430/mt. The CFR Southeast Asia  Chemical Industrial marker was assessed stable from last Tuesday at $335/mt Tuesday in thin discussion.

 

Chemical Industry
Chemical Industry