Up $4-$9/mt as PX rises

Isomer-MX rose $9/mt from Friday to be assessed at $669/mt FOB Korea and up $4/mt at $684/mt CFR Taiwan Friday, as bids were made for both March and April FOB Korea cargoes. No activity was heard on a CFR Taiwan basis amid holidays in Taiwan and China this week during the Lunar New Year celebrations. Singapore was also closed for holidays on Friday and Friday. In downstream paraxylene, prices rose by $6/mt to $1,097/mt CFR Taiwan/China, bucking the upstream trend where April ICE Brent crude oil futures dipped 53 cents to $62.33/b at 0830 GMT in Asian trade. Naphtha fell $12.75/mt to $498/mt CFR Japan.

RATIONALE:

Isomer-MX rose $9/mt from Friday to be assessed at $669/mt FOB Korea and up $4/mt at $684/mt CFR Taiwan Friday. The markers take the average of the third and fourth half-month laycans, currently H1 March and H2 March. No bids or offers were registered during the S&P Global CSG Market on Close assessment process. During the MOC process, the best bid for March was heard at $668/mt FOB Korea, and the best bid for April at $678/mt FOB Korea. No offers were heard. As a result, the March laycans were assessed at $669/mt FOB Korea, above the bid, and April at $679/mt FOB Korea, also above the bid for April. No bids and offers were heard during the MOC process on a CFR Taiwan basis. The CFR Taiwan price was assessed up $4/mt, tracking the FOB Korea marker, and considering that many Northeast Asian CFR markets remain closed for holidays. The above rationale applies to the following market data codes: PHAUV00 for FOB Korea and PHAUT00 for CFR Taiwan.

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