Asian benzene prices were flat day on day February 2 to close at $1,174/mt FOB Korea shrugging off a fall in US benzene prices, as supply of prompt month cargoes in Asia was heard to be tight. In the US, benzene fell to $1,228/mt FOB USG February 1 down $9 from January 31. (See related chart: benzene)
The European price fell $11 to $1,269/mt CIF ARA. Front month ICE Brent crude futures rose $0.71/barrel day on day to $112.11/b at 4:30 pm Singapore time (0830 GMT) February 2. This morning in Europe, March was heard traded at $1,245/mt CIF ARA. February was heard bid at $1,255/mt and offered at $1,275/mt CIF ARA.
Asian toluene on an FOB Korea basis was assessed at $1,192.50/mt February 2 unchanged from the day before, amid lackluster discussions and a fall in FOB US Gulf toluene prices.
The US price fell to $1,225/mt FOB USG, down $9 from January 31. The European toluene price was assessed February 1 at $1,198/mt FOB Rdam, up $3 from January 31. (See related chart: toluene)
Asian isomer-grade mixed xylenes surged $23.50/mt day on day to $1,356/mt FOB Korea and $1,368/mt CFR Taiwan February 2, tracking bullish downstream paraxylene.
In the US, MX prices climbed $12 February 1 to $1,315/mt FOB USG, the highest in nine months, on tighter supply. The last time US spot MX was near that level was May 10, 2011. (See related chart: xylene)
Sources said the gains were being driven by tight supply due to turnarounds at Shell's refinery in Deer Park, Texas, and the looming closure of Hovensa's facility on St Croix in the US Virgin Islands.
Asian paraxylene hit a four-month high February 2, settling at $1,622/mt CFR Taiwan/China as traders came out in force to seek cargoes. The surge in PX prices was in contrast to downstream purified terephthalic acid, which plunged $17/mt day on day to close at $1,198/mt CFR China for Taiwan-origin cargoes.
The US PX price was unchanged February 1 at $1,575/mt FOB USG. The European paraxylene price also was unchanged at $1,525/mt FOB Rdam. (See related chart: paraxylene)
Asian styrene monomer prices for H2 March fell $11/mt day on day February 2 to $1,415/mt FOB Korea. The inventory of SM in tanks across East China ports totaled 151,300 mt this week, jumping 44,800 mt or 42% from the pre-Lunar New Year level of 106,500 mt on January 20, market sources said February 2.
Some sources said that SM stocks in Jiangsu province alone are well above 200,000 mt, but this remained unconfirmed. In the first week of February 2011, SM inventory stood at 145,000 mt and rose to a high of 170,000 mt in the last week of the month.
Tank space for SM is "very tight" in East China at present, a trader said, and more cargoes are making their way to that region.
The US styrene price fell $13 February 1 to $1,436/mt FOB USG. The European price for March was assessed February 1 at $1,412/mt FOB Rdam.
