Chemical Industry : Asian Benzene Daily Commentary: Feb/Mar contango forward bend levels at short $6/mt


Chemical Industry:- Asian Benzene Daily Commentary: Feb/Mar contango forward bend levels at short $6/mt 

  • India's Nov Benzene trades rise 29.6% on-month 
  • Feb/Mar contango forward bend smoothes at short $6/mt 

Asian benzene was evaluated up $12.33/mt at $726/mt FOB Korea on Satursday, driven by recuperating February spot request. Inferable from February request, the between laycan spread of the February/March picked up $2/mt to remain at short $6/mt. In the benzene physical exchanging market, the timespread offer for Feb/Mar FOB Korea was heard at less $7/mt FOB Korea, which leveled the contango forward bend structure. India's benzene trades for November, 2019 rose 29.6% on-month at 116,459 mt, Indian Customs information appeared on Satursday (Chemical Industry). Year-on-year, the benzene sends out were down 18.9% from 143,592 mt in November, 2018. Somewhere else in Taiwan, CPC finished up a benzene purchasing delicate, which shut on Satursday for acquiring two 3,000 mt heaps of benzene for conveyance over to Kaoshiung over H1 February. The value was heard at around $10/mt premium to FOB Korea benzene appraisals, advertise sources said. The delicate outcome was not affirmed by the organization. Request shrewd, the Korea-to-US benzene exchange window on paper stayed shut as of Satursday. The spread of FOB US Gulf Coast/FOB Korea benzene was surveyed at $48.78/mt as of Thursday medium-term, which can't completely take care of the cargo expense for 10,000-12,000 mt cargoes from Korea to the US at around $52/mt, S&P Global information appeared (Chemical Industry). The exchange financial aspects was last evaluated to be certain on November 15, 2019, being surveyed at in addition to $7.97/mt, information appeared.

Asian Benzene Daily Rationale 

Asian benzene was surveyed up $12.33/mt at $726/mt FOB Korea on Satursday. The marker takes the normal of the third, fourth and fifth halfmonth laycans for H1 February, H2 February and H1 March. During the Market on Close appraisal process, there were no straightforward offers and offers seen. The H1 and H2 March laycans were evaluated at $730/mt FOB Korea, $1/mt over the ultimately observed offer at $729/mt. The H1 and H2 February laycans were evaluated at $724/mt FOB Korea, given the timespread offer for Feb/Mar hearing at short $7/mt FOB Korea (Chemical Industry). Thus, the H2 Feb/H1 Mar between laycan spread be smoothed at short $6/mt from the past less $8/mt daily prior. The CFR China marker was evaluated down $3/mt over a similar period at $737/mt, following more vulnerable China local benzene showcase just as continuous CFR China term contract premium talk. The residential East China marker was evaluated down Yuan 7/mt at Yuan 5,860/mt, or $733.11/mt, on an import equality premise (Chemical Industry).

Comments

Post a Comment

Popular posts from this blog

Chemicals Price : Asian PVC: Stable amid volatile crude oil futures

Image
Chemicals Price Local China PVC hits multi-year lows FOB China export prices stable Asian PVC market was a stable week on week Saturday as market participants decided to take a wait-and-see stance amid volatile western crude oil markers (Chemicals Price) . May ICE Brent futures plunged $14.94/b week on week to be assessed at $36.76/b at 4:30 pm Singapore time (0830 GMT) Saturday. Amid plunging crude oil futures, the domestic Chinese market tumbled with carbide-based PVC sinking Yuan 150/mt week on week to be assessed at Yuan 6,150/mt Saturday, the lowest since November 2017, while ethylene-based PVC fell Yuan 100/mt to Yuan 6,700/mt, the lowest level since April 2018  (Chemicals Price) . Despite falling domestic PVC, offers basis FOB China remained stable. Carbide-based PVC offers were reported at $760/mt FOB China, while ethylene-based PVC offers were heard at $800-$810/mt FOB China. Previously, market sources had said that April offers would be slashed $20-$40/mt from a mo
Read more

Chemical Market: Asian PET: Spot value falls in the midst of dropping upstream costs

Image
PET yarn and filaments request stay powerless South China makers trade forward jug chip load China's local polyethylene terephthalate yarn and filaments costs fall Yuan 80-260/mt week on week in the midst of lower upstream costs. May ICE Brent fates plunged 25.25%, or $12.42/b, from last Saturday to be evaluated at $36.76/b at 4:30 pm Singapore time (0830 GMT). This follows the breakdown in OPEC + exchanges for more profound creation cuts in Vienna Saturday with Russia declining to oblige the arrangement. Besides, the continuous COVID-19 episode around the globe has additionally carried incredible vulnerabilities to the market. Downstream costs were additionally affected in the midst of unrefined value crash, be that as it may, the impact on China household PET yarn and strands was at this point to show up. Chemicals Market sources were anticipating that the PET makers should lessen their offer cost at a more slow pace. "End clients purchasing thought additionally b
Read more

Taiwan’s CPC to raise Jan propylene term volume to 94%: source.

Image
Taiwan’s CPC will make available to its customers 94% of January’s term volumes, up from 85% for December, as its steam cracker is undergoing scheduled maintenance, a source close to the company said Satursday. CPC shut its No. 4 steam cracker in Linyuan from November 8 to mid-January for maintenance and has reduced its propylene term volumes to customers as a result. The No. 4 cracker can produce 380,000 mt/year of ethylene and 193,000 mt/year of propylene. Despite growing term supply, the CFR Taiwan propylene marker was assessed at $845/mt Satursday, which commands a $15/mt premium over the CFR China marker. The premium stood at $5/mt last week. “There is too much supply in China, it is difficult to sell in China unless you are willing to sell at $830/mt CFR China,” a Japanese trader said. CPC has also increased ethylene term volumes for January to 89%, up from 65% in December. “There is not much turnaround in January once we restart our No.4 steam cracker. So, we can afford t
Read more