Rebound in oil reflected on Asian feedstocks, monomers but for ethylene
The most visible response came from styrene and MEG, which were respectively up by around $70/ton and $50/ton from Friday to be last reported at $730/ton and $1070/ton respectively on FOB Korea basis.
They were followed by Asian benzene at $760/ton, PX and propylene each standing at $810/ton on FOB Korea basis and PTA at around $630/ton CFR China. The latest levels indicate respective increases of $40/ton, $25/ton, $10/ton and $15/ton from last Friday.
Asian naphtha prices have also seen an increase of $10/ton so far from Friday to be reported at $450/ton on CFR Japan.
However, a contrary trend has been visible in ethylene prices on CFR NE Asia basis. Unlike the abovementioned price increases, Asian ethylene posted a decrease of $90/ton from Friday to be reported at $1100/ton, the lowest of five months. This was due to weaker spot ethylene demand as a result of increasing deep-sea supply as well as the upcoming end of the steam cracker turnaround season in June and July.
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