Muted trading, public holiday in China, Taiwan
Ethylene stable while benzene rises $17/mt
Asian styrene monomer rebounded $72.50/mt on the week to $1,090/ mt CFR China and $1,050/mt FOB Korea Friday, following the steep losses seen in the prior week (imported date). Day on day, however, prices were stable amid muted trading due to the public holiday in China and Taiwan. A source said that discussions will restart when the market returns next week. The east China domestic May marker was stable on the day at Yuan 8,270/mt ex-tank, with its import-parity equivalent at approximately $1,070.03/mt (imported date). Western crude inched slightly higher on the day, with the ICE May Brent futures up 14 cents/b on the day, or 95 cents/b on the week, at $69.06/b at 4:30 pm Singapore time (0830 GMT). Feedstock ethylene was also unchanged on the day at $1,020/ mt CFR Northeast Asia. Benzene rose $17/mt to $603/mt FOB Korea Friday. Styrene production margin remains healthy, hovering at around $135-$165/mt this week (imported date). Styrene inventory in East China fell 22,300 mt on the week to 232,700 mt Friday, according to market sources. European styrene for loading 5-30 days forward fell $0.50/mt on the day to $1,072.50/mt Friday amid slow spot trading.
Asian SM was assessed flat on the day at $1,090/mt CFR China and $1,050/mt FOB Korea Friday. The markers currently take the average of the H1 May and H2 May laycans. There were no transparent bids or offers during the Market on Close assessment process on Friday. H1 and H2 May were assessed at the pegged level of $1,090/ mt (imported date). In the East China domestic market, the May marker was assessed stable on the day at Yuan 8,270/mt ex-tank, equating to $1,070.03/ mt on an import-parity basis. The FOB Korea marker was assessed at $1,050/mt, based on the pegged $40/mt spread to CFR China, while the CFR Taiwan marker was assessed at $1,078/mt, based on the pegged $12/mt spread to CFR China (imported date).