Japan’s SM exports 51,024 mt March, up 12.6% MOM
Asian styrene monomer increased $10/mt on the week to $1,078/mt CFR China and $1,038/mt FOB Korea Friday amid muted trading throughout the week due to the Labour Day holiday. Day-on-day, prices were stable from Friday. Upstream markets, however, posted weekon- week losses, where the July ICE Brent crude futures were down $4.02/b to $70.19/b Friday, benzene FOB Korea tumbled $11.67/mt to $619.33/mt and ethylene CFR Fareast Asia fell $20/mt to a three month low of $930/mt Friday. Sentiments in the downstream markets were not any better, where market participants have turned to become more pessimistic, sources said earlier. Trading was slow amid a lack of buying interest with minimal pre-holiday restocking. Sources further noted that while activity would improve next week, high inventory is still an issue given the slower-than-expected drawdown so far. Styrene inventory in East China declined 10,200 mt week on week to 197,800 mt, according to market sources. Consumption exceeded arrivals at 20,200 mt and 10,000 mt, respectively. In statistics news, Japan’s styrene monomer exports in March showed an increase of 12.6% on the month to 51,024 mt, according to the latest data from Japan Customs Department. Year-on-year, however, imports have declined 2.3%. Weekly styrene was assessed up $10/mt week on week at $1,069/mt CFR Southeast Asia and $1,072/mt CFR India Friday.
Asian SM was assessed flat day on day at $1,078/mt CFR China and $1,038/mt FOB Korea Friday. The markers currently take the average of the H1 and H2 June laycans. There were no transparent bids or offers during the Market on Close assessment process on Friday. H1 and H2 June were assessed at the pegged level of $1,078/ mt. In the east China domestic market, the June marker was assessed flat day on day at Yuan 8,290/mt ex-tank, equating to $1,068.93/mt on an import parity basis. The FOB Korea marker was assessed at $1,038/ mt, based on the pegged $40/mt spread to CFR China, while the CFR Taiwan marker was assessed at $1,068/mt, based on the pegged $10/ mt spread to CFR China.