Asian benzene prices fell $1.50/mt February 3 to $1,172.50/mt FOB Korea tracking softer prices in the US. The US price has fallen $35 during the past week to $1,204/mt FOB USG. The European price was assessed February 2 at $1,248/mt CIF ARA.
This morning in Europe, February benzene was heard bid at $1,235/mt and offered at $1,255/mt CIF ARA. March was heard bid at $1,215/mt and offered at $1,245/mt CIF ARA. (See related chart: benzene)
Toluene prices in Asia fell $4 February 3 to $1,188.50/mt FOB Korea as crude prices fell slightly overnight. March ICE Brent was assessed at $111.96/barrel at 4:30 pm Singapore time (0830 GMT), down $0.15/b from February 2.
In plant news, South Korea's SK Innovation plans to shut three of its aromatics units in 2012 for scheduled maintenance, the company said February 3. The first unit to be taken offline for about 36 days will be its 45,000 b/d No. 4 New Reformer Plant at Ulsan from March 20 to April 24.
The reformer has a design capacity of more than 1 million mt/year, comprising 238,000 mt/year of benzene, 291,000 mt/year of toluene and 476,000 mt/year of isomer-grade mixed xylenes.
The second and third units are the company's No. 2 paraxylene plant and Naphtha Reforming Center at Ulsan, both of which will be taken offline from October 4 to November 2 for 30 days of scheduled maintenance.
The US toluene price was assessed February 2 at $1,209/mt FOB USG. The European price was assessed February 2 at $1,193/mt FOB Rdam. (See related chart: toluene)
Asian isomer-grade mixed xylenes closed the week at a 4 1/2-month high of $1,356/mt FOB Korea and $1,368/mt CFR Taiwan February 3. flat from a day earlier and up $33.50/mt and $30.50/mt, respectively, from last January 27, boosted by firm downstream paraxylene.
Mixed xylenes inventory levels in East China were heard to be around 100,000 mt, with more deep-sea isomer-MX cargoes expected to arrive in coming weeks. The US MX price was assessed February 2 at $1,318/mt FOB USG. (See related chart: xylene)
Asian paraxylene surged to a four-month high of $1,636/mt CFR Taiwan/China February 3 up $14/mt from February 2 and up $47/mt from the week before. The late-week PX rally was attributed to expectations of a downstream purified terephthalic acid revival next week, when weaving and textile plants resume operations, industry watchers said.
Talk in the market of Chinese end-users seeking PX in the spot market also fueled the rally, but a source from Sinopec, China's largest PX maker, said this was unlikely. "PTA makers would only consider buying at below $1,600/mt CFR. They're already in the red now so there's no reason for them to buy imported cargoes when cheaper domestic PX is still available," he said.
The US PX price climbed to $1,585/mt FOB USG February 2. The European PX price climbed to $1,531/mt FOB Rdam. (See related chart: paraxylene)
Asian styrene monomer for H2 March slipped $1 on February 3 to $1,114/mt FOB Korea as demand in key market China remained on the soft side, with many end-users expected to return from holiday only next week.
Iran's Pars Petrochemical has declared force majeure on SM supplies from Januaryuary 29 for at least 10 days after its 600,000 mt/year plant at Assaluyeh was shut unexpectedly on January 29, a source close to the company said February 1.
The shutdown was caused by unknown problems at a utilities provider, the source said, adding that there was no problem with the SM plant itself.
The US styrene price fell to $1,416/mt FOB USG February 2. The European price for March was assessed February 2 at $1,425/mt FOB Rdam.
