– Tracks rise in western crude, benzene
– Downstream PS stable to lower, ABS rises
Asian styrene monomer rose $9/mt on the day to $1,062/mt CFR China and $1,022/mt FOB Korea Thursday, tracking the rise in western crude oil and benzene. In the east China domestic market, the May marker rose Yuan 95/mt on the day to Yuan 8,165/mt ex-tank Thursday. At 4:30 pm Singapore time (0830 GMT), ICE June Brent futures were up $1.30/b (1.835%) on the day at $72.13/b. According to market sources, styrene inventory in east China fell 23,000 mt on the week to 227,000 mt. Consumption at 38,000 mt outstripped arrivals of 15,000 mt. Amid the recent fluctuation and unclear direction in the SM market, downstream buying interest softened as buyers prefer to wait for the time being, a market participant said. In the downstream markets, polystyrene market were stable to slightly lower this week amid the uncertainty while acrylonitrile-butadiene-styrene was higher on the week as offers were raised on higher feedstock cost. Week on week, general purpose polystyrene held steady at $1,280/mt CFR China and $1,300/mt CFR Southeast Asia, high-impact polystyrene were flat at $1,355/mt CFR China and $1,370/mt CFR Southeast Asia, expandable polystyrene FOB Northeast Asia inched lower by $10/mt at $1,210/mt for general purpose grade and $1,265/mt for flame retardant grade and ABS increased $10/mt week on week to $1,580/mt CFR China and $1,600/mt CFR Southeast Asia Thursday.
Asian SM was assessed up $9/mt on the day at $1,062/mt CFR China and $1,022/mt FOB Korea Thursday. The markers currently take the average of the H2 May and H1 June laycans. There were no transparent bids or offers during the Market on Close assessment process on Thursday. H2 May was assessed at the pegged level of $1,062/mt. Maintaining the pegged flat May/June spread, H1 June was assessed at $1,062/mt. In the east China domestic market, the May marker was assessed up Yuan 95/mt on the day at Yuan 8,165/mt ex-tank, equating to $1,055.58/mt on an import parity basis. The FOB Korea marker was assessed at $1,022/mt, based on the pegged $40/mt spread to CFR China, while the CFR Taiwan marker was assessed at $1,050/mt, based on the pegged $12/mt spread to CFR China.