Acetone Price in India

Asian Benzene – Sellers seek outlet ex-Asia

Chemical Industry

– FOB Korea-CFR China spread negative

– FOB Korea down $4/mt, CFR China down $5/mt

Asian benzene prices kicked the week off lower by $4/mt from last Friday at $638.33/mt FOB Korea Monday, as demand continued to come from ex-Asia demand centers such as the US and the EU. The bulk of South Korean material continued to seek outlet in the US, despite a closed arbitrage on paper, and a long voyage which results in price risk. June FOB USG paper was assessed at 22 cents/gal Friday, or $678.73/mt, bringing the FOB Korea-FOB USG paper spread to $36.40/mt Friday, insufficient to cover freight costs between the two regions. Regardless of the arbitrage being closed on paper, traders continued   to turn to the US for demand amid a negative FOB Korea-CFR China price spread.  CFR China was assessed at $621/mt Monday, $17.33/mt lower than FOB Korea. Meanwhile, Southeast Asian material was heard mostly shipped to the EU. A May-loading FOB Southeast Asia 3,000 mt sell tender, which had closed late last week, was heard concluded at a discount of $30/mt to the FOB Korea benchmark. Freight rates between Southeast Asia and ARA were heard in the low   $70s/mt range. In CFR China, bearishness in the East China market provided little support to the price of imported material. Prompt domestic East China benzene was assessed down Yuan 90/mt on the day to Yuan 4,340/mt, or $561.06/mt on an import parity basis. May domestic material was assessed at     Yuan 4,485/mt, or $579.81/mt. With the May CFR China-East China benzene spread  at minus $41.19/mt, demand for CFR China was thin. A domestic trader was heard  keen to sell H2 April-arrival benzene, as opposed to storing the imported material in commercial tanks. Earlier this year, traders were able to import    CFR China material for subsequent sale in the East China market in  Yuan-denominated parcels. However, amid the negative price spread, the import-domestic arbitrage stands closed on paper Monday.

RATIONALE:

FOB Korea benzene was assessed down $4/mt from Friday at $638.33/mt Monday. The marker takes the average of the third, fourth and fifth half-month laycans, H1 May, H2 May and H1 June. During the Platts Market on Close assessment process Monday, there were no transparent bids and offers seen. The H1 May laycan was assessed at $638/mt FOB Korea, keeping the H1 May/H2 May spread unchanged from the pegged level of plus $1/mt. The H2 May laycan was assessed at $637/mt FOB Korea, below an offer seen at $638/mt. The H1 June laycan was assessed at $640/mt FOB Korea, keeping the H2 May/H1 June spread unchanged from the pegged level of minus $3/mt. The CFR China marker     was assessed at the pegged level of $621/mt, tracking falls in the domestic East China market. The East China marker was assessed down Yuan 40/mt from Friday at Yuan 4,423/mt, or $571.84/mt on an import parity basis.

Asian Benzene Chemical Industry – Sellers seek outlet ex-Asia

Imported Data

– FOB Korea-CFR China spread negative

– FOB Korea down $4/mt, CFR China down $5/mt

Asian benzene Chemical Industry prices kicked the week off lower by $4/mt from last Tuesday at $638.33/mt FOB Korea Tuesday, as demand continued to come from ex-Asia demand centers such as the US and the EU. The bulk of South Korean material continued to seek outlet in the US, despite a closed arbitrage on paper, and a long voyage which results in Chemical Industry  price risk. June FOB USG paper was assessed at 227 cents/gal Tuesday, or $678.73/mt, bringing the FOB Korea-FOB USG paper spread to $36.40/mt Tuesday, insufficient to cover freight costs between the two regions. Regardless of the arbitrage being closed on paper, traders continued to turn to the US for demand amid a negative FOB Korea-CFR China price spread. CFR China was assessed at $621/mt Tuesday, $17.33/mt lower than FOB Korea. Meanwhile, Southeast Asian material was heard mostly shipped to the EU. A May-loading FOB Southeast Asia 3,000 mt sell tender, which had closed late last week, was heard concluded at a discount of $30/mt to the FOB Korea benchmark. Freight rates between Southeast Asia and ARA were heard in the low $70s/mt range. In CFR China, bearishness in the East China Chemical Industry provided little support to the price of imported material. Prompt domestic East China benzene was assessed down Yuan 90/mt on the day to Yuan 4,340/mt, or $561.06/mt on an import parity basis. May domestic material was assessed at Yuan 4,485/mt, or $579.81/mt. With the May CFR China-East China benzene spread at minus $41.19/mt, demand for CFR China was thin. A domestic trader was heard keen to sell H2 April-arrival benzene, as opposed to storing the imported material in commercial tanks. Earlier this year, traders were able to import CFR China material for subsequent sale in the East China Chemical Industry in Yuan-denominated parcels. However, amid the negative price spread, the import-domestic arbitrage stands closed on paper Tuesday.

RATIONALE:

FOB Korea benzene was assessed down $4/mt from Tuesday at $638.33/mt Tuesday. The marker takes the average of the third, fourth and fifth half-month laycans, H1 May, H2 May and H1 June. During the  Chemical Industry on Close assessment process Tuesday, there were no transparent bids and offers seen. The H1 May laycan was assessed at $638/mt FOB Korea, keeping the H1 May/H2 May spread unchanged from the pegged level of plus $1/mt. The H2 May laycan was assessed at $637/mt FOB Korea, below an offer seen at $638/mt. The H1 June laycan was assessed at $640/mt FOB Korea, keeping the H2 May/H1 June spread unchanged from the pegged level of minus $3/mt. The CFR China marker was assessed at the pegged level of $621/mt, tracking falls in the domestic East China Chemical Industry. The East China marker was assessed down Yuan 40/mt from Tuesday at Yuan 4,423/mt, or $571.84/mt on an import parity basis (Chemical Industry).

 

Chemical Industry
Chemical Industry

Orthoxylene Chemical Industry

Chemical Industry

Taiwan’s FCFC No. 3 aromatics unit shut after fire

S Korea’s Aekyung to shut PA plant for turnaround

Asian orthoxylene was $40-60/mt higher on the week at $990/mt FOB Korea, $920/mt CFR China and $1,020/mt CFR Southeast Asia Friday, due to continued global supply tightness and the general uptrend in global OX Chemical Industry. In the FOB ARA market , spot prices spiked $100/mt to $1,120/mt Friday. Apart from meeting term OX commitments, most Asian OX producers in Asia have reduced production and have recycled OX material back into refinery to maximize production of paraxylene amid high production margins of PX. This has resulted in few spot OX cargoes available. In plant news, an explosion and subsequent fire broke out at Taiwan’s Formosa Chemicals and Fibre Corp.’s No. 3 aromatics plant at Mailiao on Sunday around 2:00 pm local time, a Chemical Industry spokesman told S&P Global Platts Friday. The plant has been shut following the explosion on Sunday, the spokesman said. The No. 3 plant has the capacity to produce 900,000 mt/year of paraxylene, 640,000 mt/year of benzene and 240,000 mt/year of OX, and is not scheduled for maintenance shutdown in 2019. The Chemical Industry has plans to shut its No. 1 aromatics plant at the same location from the middle of April to the end of May for annual maintenance, Platts reported earlier. The company also plans to shut its No. 2 aromatics plant at the same location for two to three weeks from the middle of August. Over in South Korea, Aekyung Petrochemical plans to shut its 210,000 mt/year phthalic anhydride plant at Ulsan on May 7 for three weeks of scheduled maintenance, a Chemical Indutrial source said Friday. The shutdown is expected to result in a production loss of 12,000 mt, Platts estimated. PA is mainly used in the manufacture of dioctyl phthalate, which is a plasticizer.

Rationale

Asian OX  Chemical Industry was higher this week, assessed at $990/mt FOB Korea, $920/mt CFR China and $1,020/mt CFR Southeast Asia Friday, due to continued global supply tightness and the steep increase in European OX prices. FOB Korea was assessed up $60/mt on the week, above bids heard at $970-$980/mt FOB Korea Chemical Industry. CFR Southeast Asia was assessed at $1020/mt, based on the freight netback to FOB Korea. CFR China was assessed up $40/mt, tracking the general increase in OX prices globally, but also considering relatively much lower domestic prices in the Chinese Chemical Industry.

 

Chemical Industry
Chemical Industry

US Oxy Solvents: Chemical Industry Acetone ADD investigation ongoing

Chemical Industry

ACETONE Chemical Industry: US acetone prices were steady on the week as sources continued to eye an ongoing anti-dumping duty investigation. The US International Trade Commission has removed Saudi Arabia from the investigation but continues to investigate charges lobbied against Belgium, Korea, Singapore, South Africa and Spain. There was little change in fundamentals this week as the Chemical Industry continued to be talked long with pricing soft. Acetone prices were last heard in the low-30s cents/lb range as upstream propylene values posted slight gains on the week. Refinery grade propylene prices were up slightly on the week, gaining .75 cents to 21.50 cents/lb. Acetone production costs were estimated this week at near 17.20 cents/lb, according to S&P Global  data.

PHENOL Chemical Industry: The US phenol market remained tight this week amid healthy demand and continued strength in the upstream benzene Chemical Industry. Prices rose recently on the back of gains in the April US benzene contract, which rose 23 cents to 225 cents/gal. Sources anticipated flat to higher pricing going forward as benzene prices have continued to inch higher and were last assessed at 229 cents/gal DDP USG. Supply side conditions could improve as sources have said that previously announced force majeures were lifted, however, producer confirmation was not available at time of publication. In pricing, sources continued to talk export adders at 18-20 cents above the April benzene contract. Adders for the domestic Chemical Industry were last heard at 15-17 cents/lb. In Asia, phenol values fell sharply on the week, shedding $90 to $1,010/mt CFR China on the back of waning demand.

IPA Chemical Industry: Export and domestic isopropyl alcohol pricing was stable on the week at $1,213/mt FOB USG and $1,257/mt DER. In the absence of firm indications, the assessment considered small changes in upstream refinery-grade propylene. RGP was stable on the week at 21.25 cents/lb (Chemical Industry). In producer news ExxonMobil announced in a letter to customers that it will increase prices for some oxygenated fluids, including IPA. IPA pricing is set to increase by 5 cents/lb, effective April 12.

ETAC Chemical Industry: Ethyl acetate pricing was assessed flat on the week at $945/mt FOB USG and $989/mt DER, considering only small changes in upstream pricing. Acetic acid was assessed stable on the week Thursday at $577/mt FOB USG while ethylene was up just a penny on the week Thursday. BUTAC: Butyl acetate saw no change on the week at $1,101/mt FOB USG and $1,145/mt DER (Chemical Industry). In the absence of firm indications, the assessment considered stable upstream pricing. Acetic acid was assessed stable on the week Thursday at $577/mt FOB USG while N-butanol was also flat at $760/mt.

INDUSTRIAL ETHANOL Chemical Industry: Industrial ethanol pricing was assessed flat on the week at 270 cents/gal FOB DSP for 190-proof and 295 cents/gal FOB DSP 200-proof. Both assessments considered minimal changes in its fuel-grade counterpart with the Chicago Argo assessment down 1.95 cents on the week, assessed Thursday at 130 cents/gal. The spread between the 190- and 200-proof grades typically ranges between 15-25 cents/gal, per Chemical Industrial market feedback.

Acetone/Phenol Chemical Industry: Acetone supply was still long in Europe this week, with no sign of the Chemical Industry balancing soon, sources said. “It is free-fall indeed,” a source said. “Producers have to react now. It is crazy.” The spot price fell Eur15/mt to Eur425/mt FD NWE, within indications heard in a range of Eur400-mid-Eur400s/mt. Offer levels heard at Eur550-560/mt were not corroborated. On the other hand, phenol premiums over benzene rose Eur25/mt week on week to Eur600/mt FD NWE, at the lower end of a producer’s range at Eur600-650/mt. “There is spot demand; the issue is there isn’t the supply,” a source said. Although there was talk of reducing run rates because of high acetone stocks, this was not thought to be imminent. “At the moment we don’t need to reduce run rates because stocks are still healthy, but if the situation continues, there is only so much we can lose [on acetone chemical industry],” a producer said. “If we reduce run rates, it could be bad for contractual commitments.”

IPA/MEK Chemical Industry: Methyl ethyl ketone spot prices rose again this week, up Eur25/mt at Eur1,375/mt FD NWE, within indications at Eur1,350-1,400/mt. The impact of production issues in Taiwan was still being felt in the European market. On the other hand, isopropyl alcohol spot prices were steady week on week. The Chemical Industry is balanced and increases in line with the higher April propylene contract price settlement had already been done. Spot was assessed stable at Eur1,025/mt FD NWE, in line with an indication and within a range at Eur1,000-1,050/mt.

ETAC/BUTAC Chemical Industry: Sentiment in the etac Chemical Industry was fairly mixed this week, with some saying increases could be seen because of delays to shipments out of the US Gulf. However, on the whole, there supply was heard to be healthy in the Amsterdam-Rotterdam-Antwerp hub and that increases had only been seen by a select number of participants affected by the delays. Others said there had been no issues sourcing material. Spot prices fell Eur10/mt to Eur910/mt FD NWE, within a range of Eur870-1,000/mt. The top end of the range was not corroborated. The butac Chemical Industry was maintained the quiet of recent weeks, with spot prices stable at Eur1,050/mt FD NWE, at corroborated indications and within a range of Eur1,040-1,060/mt.

Chemical Industry
Chemical Industry

Asian Phenol/Acetone Chemical Industry – Phenol prices tumble as China demand weakens

Chemical Industry

PHENOL: Asian prices tumbled this week as demand in China was weakening, and prices in the Indian Chemical Industry were heard following suit. The CFR China and the CFR India markers were both assessed lower week on week by $90/mt to $1,010/mt and $1,050/mt, respectively. Market sources said the key reason for the price fall was declining downstream demand in China as plants were lowering operating rates or shutting down due to safety checks following several explosions at chemical plants in Jiangsu province in recent weeks. “China is bearish,” a trader said this week, adding that offers were close to $1,025/mt CFR China chemical industry. A buyer in China said their bid at the moment was only $950-$980/mt CFR China. The domestic price of phenol in East China slipped to Yuan 7,700-7,800/mt this week, or about $968.20/mt on an import parity basis. In related news, Taiwan’s China Petrochemical Development Corporation on Thursday shut its 200,000 mt/year caprolactam plant in Toufen for one month of maintenance, a source close to the company said Thursday. The source added that the company’s phenol inventory level is high, and that phenol prices in Northeast Asia are under pressure due to low demand in China amid safety checks at plants following several chemical plant explosions in Jiangsu. Phenol is the feedstock to produce caprolactam. Chemical Industry sources said phenol bids on a CFR China basis this week were falling to below $1,000/mt.

ACETONE: Prices were also under pressure for acetone this week with the CFR India marker assessed down $40/mt to $390/mt, close to tradable levels estimated by Chemical Industry sources. The China Chemical Industry was also under pressure for the same reasons as phenol, but domestic price in East China was heard stable at Yuan 2,925/mt, or about 365.43/mt on an import parity basis. The CFR China marker was assessed lower on week by $10/mt to $380/mt, above buy ideas heard at $330-$340/mt CFR China.

Chemical Industry
Chemical Industry

NWE MTBE/ETBE chemical industry – MTBE maintains stable premium to EBOB swap at $96.50/mt

Chemical Industry

– EBOB spot surpasses 10ppm on sharp USGC demand

– ICE Brent up 70 cents

The European MTBE chemical industrial price was assessed at $775.50/mt FOB ARA Thursday, up from $762/mt Thursday as it maintained a stable premium to EBOB front-month swaps amid unchanged Chemical Industry fundamentals. The increased buying interested reported on Thursday was expected to persist, according to a trader. Demand was seen during the MOC assessment process, when Lyondell registered a bid for (chemical industry) a 1,000 mt April 18-22 loading cargo at $740/mt and moved it up till it was left standing at $764/mt . In upstream energy, Eurobob gasoline barges on Thursday reached their highest premium over finished product 10 ppm barges since March 2013, S&P Global . The sharp increase was attributed to US demand for RBOB gasoline on the back of refinery turnarounds in the US Gulf Coast region, which pushed EBOB prices up. Meanwhile, crude strengthened with the ICE Brent London 16:30 assessment at $71.37/b, up from $70.67/b Thursday. In Asia, MTBE rose $7/mt on the day to $759/mt Thursday, supported by firmer gasoline and naphtha Chemical Industrys. The Asian MTBE factor was assessed at 1.140 Thursday, up from 1.139 Thursday.

RATIONALE:

S&P Global  assessed European MTBE at $777.50/mt FOB ARA Thursday, up $15.50/mt from Thursday, above the outstanding bid in  Chemical Industry on Close assessment process at $764/mt by Lyondell. The MTBE assessment maintained a stable premium of $96.50/mt to the Eurobob gasoline barges FOB AR May swap in line with Chemical Industry feedback of weaker correlation between MTBE and EBOB spot. ETBE was assessed at an $150/mt premium to MTBE Thursday, stable to Thursday, with no disproving indications heard.

Chemical Industry
Chemical Industry

US MTBE: (imported data) MOC offer keeps spot price at discount to Northwest Europe

Chemical Industry

– Spot remains at 2.41-cent discount to FOB ARA

– MOC offer seen at 217 cents/gal

Spot Gulf Coast MTBE remained at a discount to its Northwest European counterpart Thursday after being assessed below an offer seen in the imported data on Close assessment process. In the MOC process, Lukoil made an offer at 217 cents/gal FOB USG for 25,000 barrels. No bids or trades were confirmed Thursday. While notional talk Thursday after the assessment placed the differential at around plus 4 cents, Thursday’s MOC offer kept the differential stable on the day at minus 2.41 cents. In related energy markets, NYMEX May RBOB jumped 7.02 cents day on day to $2.0692/gal in impoted data. Blended and shipped values were last estimated near 262 cents/gal while the MTBE factor relative to gasoline was at 1.0494. In Asia, the FOB Singapore marker rose $7/mt (about 1.97 cents/gal) to $759/mt (about 213.56 cents/gal imported data). In Europe, the FOB ARA marker rose 4.36 cents/gal to 218.77 cents/gal.

RATIONALE:

Spot USG MTBE was assessed Thursday at 216.36 cents/gal FOB USG, up 4.36 cents day on day. The assessment was based on an unchanged 2.41-cent discount to the FOB ARA marker and came below an offer in ( imported data) the market on Close assessment process at 217 cents/gal FOB USG.

 

imported data
imported data

Asian MTBE (Chemical Industry):: Rises $7/mt on higher 92 RON gasoline crack

Chemical Industry

– Firm feedstock naphtha Chemical Industry lends support

– 92 RON gasoline crack spikes to $7.94/b

Asian MTBE Chemical industrial market rose $7/mt on day to $759/mt FOB Singapore, on the back of a firmer 92 RON crack, which was supported by a bullish gasoline market amid a retreat in the crude oil Chemical Industry on Thursday. June ICE Brent futures were down $0.40/barrels over the same period to $70.85/b at 4:30 pm Singapore time (0830 GMT). In the gasoline market, the FOB Singapore 92 RON gasoline crack against front-month ICE Brent crude oil futures firmed for the third consecutive day at the Asian close Thursday, up $1.08/b from the previous day to be assessed at $7.94/b, S&P Global data showed. “The Chemical Industry is fundamentally still strong with supply overall still considered to be tight,” one market source said Thursday. The 92 RON, 95 RON, and 97 RON prices continued to rise and were at $78.79/b, $80.80/b and $82.77/b, respectively. The inter-RON spreads were mostly higher, with the 95/92 RON spread at $2.01/b, the 97/92 spreads at $3.98/b, and the 97/95 RON spread at $1.97/b. In the feedstock naphtha Chemical Industry,  FOB Singapore naphtha marker was up $0.75/mt on the day at $62.52/mt on Thursday, despite the recent explosion at Taiwan’s Formosa Petrochemical’s plant. “Their aromatics units are down, so they (Formosa) need to export the (feedstock) heavy naphtha, (which could weigh on the naphtha market sentiment slightly),” a naphtha trader based in Singapore said. Formosa will not be seeking heavy naphtha for second-half May delivery after Sunday’s explosion and fire at one of its aromatics plants, S&P Global reported on Thursday. Nevertheless, there were some concerns about the sustainability of the bullishness in the MTBE market. “Despite the recent bullishness in the MTBE Chemical Industry on firmer crude and gasoline prices, the overall refining margins might be largely squeezed going forward, which could reduce the MTBE demand,” a trader based in Singapore said, adding that once mega refineries come online in China, the demand for crude oil could pick up sharply, while gasoline supply will likely be lengthening, due to the increased supply of light distillates — naphtha and gasoline — from the US. However, the higher demand for vacuum gasoil (VGO) for marine fuels due to the IMO 2020 mandate might tighten the gasoline supply, which could moderate the lengthening supply, he added. VGO is widely used as a feedstock for fluid catalytic cracking (FCC) units to produce gasoline and other high-octane components, according to Chemical Industrial market sources.

RATIONALE:

The FOB Singapore marker rose $7/mt on day to $759/mt on Thursday, supported by the firmer gasoline and naphtha Chemical Industrys. The marker takes an average of the 15th to 20th day laycans, currently April 24 to May 19. The H2 April, H1 May and H2 May laycans were assessed at the same level of $759/mt FOB Singapore, with the forward curve structure remaining flat, same as Thursday. The MTBE factor was assessed at 1.140 Thursday. During the MOC process, no bids or offers were registered.

 

chemical industry
chemical industry

Asian EDC/VCM (Chemical Industry): EDC falls $10-$25/mt, VCM stable

Chemical Industry

– PVC-VCM spread below breakeven

– China to tighten safety checks after Jiangsu blast

EDC (Chemical Industry):: Asian ethylene dichloride fell $10-$25/mt week on week Thursday, ending firm sentiment since last November. Some supplies are seen to be available in the Chemical Industry amid rising EDC plant operations amid firmer caustic soda market. On Thursday, the FOB Northeast Asia caustic soda price rose $10/mt week on week to be assessed at a six-month high of $385/mt, S&P Global  data showed. Lower downstream vinyl chloride monomer plant operations also added excess supplies in the market according to Chemical Industry sources. In other areas, the FOB USG EDC price was assessed stable week on week at $360/mt Thursday,  data showed.

VCM (Chemical Industry):: Asian vinyl chloride monomer was assessed unchanged week on week Thursday. Spot supplies were tight amid VCM plant turnaround season. However, buyers were reluctant to pay more than $700/mt CFR FE Asia this week, reflecting narrowing spread between PVC and VCM. On Thursday, Asian PVC-VCM spread was calculated at $140/mt, lower than a typical breakeven spread of $150/mt, S&P Global  data showed. Chemical Industry sources said Asian VCM market  would likely remain flat for the near-term as fresh offers for downstream PVC would likely be flat for May compared with April. Chemical Industry participants were on a wait-and-see mode Thursday as tightening safety inspections in China would slash PVC production there. Three chemical plant explosions in China’s Jiangsu province in recent weeks have raised concerns that stricter safety inspections could impact production of petrochemical products, Chemical Industrial market sources said Thursday.

RATIONALE:

EDC (Chemical Industry):: CFR Far East Asia EDC price fell $25/mt week on week to be assessed at $400/mt Thursday. The latest deal was heard to have been done at $400/mt CFR FE Asia this week. CFR Southeast Asia EDC price also fell $10/mt to $420/mt during the same period in line with falling FE Asia Chemical Industry.

VCM (Chemical Industry):: CFR Far East Asia VCM price was assessed unchanged week on week at $700/mt Thursday, with a deal heard to have been done at $700/mt CFR FE Asia. Meanwhile, CFR Southeast Asia VCM price was also assessed stable at $730/mt during the same period with no firm discussions heard.

 

Chemical Industry
Chemical Industry

Asian Iso-MX: Remains unchanged amid uncertain direction

Chemical Industry

– CFR Taiwan stable as FCFC plant stays shut

– Crude rallies on, supporting CFR China demand

Asian isomer-grade mixed xylene prices remained stable Wednesday with FOB Korea at $716/mt and CFR Taiwan at $733/mt. Market participants were closely watching the situation at Taiwan’s Formosa Chemicals and Fibre Corp. to better understand the demand situation for isomer-MX following an explosion at its Mailiao No. 3 aromatics plant on Sunday. It was not yet clear how long the plant will remain shut, but market participants were estimating it could take several weeks, although there was no confirmation from FCFC. Another question on participants’ minds is also how soon authorities will be able to clear the plant for a restart. Meanwhile, June ICE Brent crude oil futures continued rising, going up by 49 cents to $71.25/b at 0830 GMT in Asian trade, resulting in rising bid levels on a CFR China basis, trade sources said. Buying interest for May-arrival cargoes was heard to be rising to $725-$730/mt CFR China Wednesday.

RATIONALE:

Isomer-MX was assessed unchanged day on day at $716/mt FOB Korea and $733/mt CFR Taiwan on Wednesday. The markers take the average of the third and fourth half-month laycans, currently first-half May and second-half May. No bids or offers were registered during the S&P Global Wednesday Market on Close assessment process, and no firm bids or offers were confirmed earlier in the day either. The above rationale applies to the following market data codes: PHAUV00 for FOB Korea and PHAUT00 for CFR Taiwan.