AROMATICS TRADE FLOW REPORT VOLUME 2, ISSUE 30 – JULY 28, 2015

BENZENE

US benzene prices moved lower on the week in the face of declining energy

and thin demand. October spot values were estimated at near $816/mt DDP

HTC Monday, down near $60 on the week. FOB Korea benzene prices also

moved lower, down nearly $20 on the week to finish at $764/mt Monday. In

Europe, August spot benzene values closed Monday at $845/mt CIF ARA. The

FOB Korea-DDP HTC arb was pegged at -$7/mt Monday while the CIF ARA-DDP

HTC arb was estimated at -$68/mt.

Benzene fixtures:

Regional spot benzene spreads:

HIIGHLIGHTS:

US M2 SPOT BENZENE PRICES

DECLINE SHARPLY ON THE

WEEK.

ASIA-USGC BENZENE ARB IN

NEGATIVE TERRITORY AT -

$7/MT.

KOREAN EXPORTS TO THE US

FROM JULY 1-25 ESTIMATED AT

JUST UNDER 48,000 MT.

KOREAN EXPORTS TO TAIWAN

WERE ESTIMATED AT NEAR

74,000 MT.

EUROPEAN BENZENE REMAINS

HIGHEST GLOBALLY.

US SPOT STYRENE FIXTURES

LIMITED ON THE WEEK. PRICES

DIP BUT SEE CONTINUED

SUPPORT FROM EUROPE.

THE US M1 SPOT STYRENE-

BENZENE WIDENS TO $361/MT.

US SPOT TOLUENE PRICES FALL

ON SOFTER BLEND VALUES,

REMAIN AT STEEP PREMIUM TO

ASIA.

M1 US SPOT BENZENE-TOLUENE

SPREAD FALLS TO -$62/MT.

US SPOT MX PRICES AT NEAR

$868/MT FOB USG WHILE PX

TALKED NEAR $920/MT. THE

SPOT PX-MX SPREAD

ESTIMATED AT NEAR $51.50/MT

Benzene

Qty Load Discharge Laycan Ship

9,000 Korea USGC H1 Jul Stolt Sun

9,000 Korea USGC H1 Jul Ginga Cougar

6,000 Korea USGC Mid July Formosa 28

6,000 Korea Houston H2 July Siteam Explorer

3,000 Brazil USGC H2 Jul N/A

9,000 Korea USGC H2 Jul Ardmore Defender

9,000 Korea USGC Mid July Ginga Tiger

9,000 Korea USGC H1 Aug Selje

27,000 Korea USGC Mid August MOL tonnage

-$100.00-$80.00-$60.00-$40.00-$20.00$0.00$20.00$40.00$60.00

$400.00

$500.00

$600.00

$700.00

$800.00

$900.00

$1,000.00

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SPREAD OCT BENZENE DDP HTC TPS BZ FOB KOREA MARKER

-$120.00

-$100.00

-$80.00

-$60.00

-$40.00

-$20.00

$0.00

$400.00

$500.00

$600.00

$700.00

$800.00

$900.00

$1,000.00

6/1

/15

6/3

/15

6/5

/15

6/9

/15

6/1

1/1

5

6/1

5/1

5

6/1

7/1

5

6/1

9/1

5

6/2

3/1

5

6/2

5/1

5

6/2

9/1

5

7/1

/15

7/3

/15

7/7

/15

7/9

/15

7/1

3/1

5

7/1

5/1

5

7/1

7/1

5

7/2

1/1

5

7/2

3/1

5

7/2

7/1

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SPREAD EUROPEAN M1 (AUGUST) BZ CIF ARA M2 (SEPTEMBER) BZ DDP HTC

STYRENE, TOLUENE & XYLENES

PX

Qty Load Discharge Landed Ship

5,000 Netherlands USEC H1 July Stolt Perseverance

10,000 Netherlands USEC H1 July Bow Sagami

5,000 Brazil USEC H2 July Moyra

5,000 Netherlands USEC H2 July Bow Architect

20,000 Jubail USEC H2 July Ardmore Cherokee

Toluene

Qty Load Discharge Landed Ship

1,400 Colombia USGC H1 Jul Nordic Ann

5,000 China Kalama H1 Jul Lime Galaxy

3,000 Spain USGC H1 Jul Chemical Luna

2,500 Spain USGC H2 July Bow Cedar

4,000 Korea USWC H2 July Ginga Tiger

FREIGHT RATES

Loading Discharge 5,000 MT 10,000 MT

USGC MP Far East $63.00 $59.00

USGC MP China $67.00 $63.00

USGC ARA $62.00 $57.00

Ulsan US Gulf Coast $61.00 $58.00

ARA US Gulf Coast $45.00 $41.00

US August spot styrene values were

down $10 on the week to close

Monday at $1,210/mt FOB USG.

Quotes from USGC to ARA were

consistently seen though few

confirmed fixtures were reported.

September European styrene was

seen Monday at near $1,290/mt FOB

NWE while September CFR China

styrene prices fell nearly $75 on the

week to close Monday at $1,170/mt.

The FOB USG-M2 FOB NWE spread

was estimated at $19 before costs

while the FOB USG-M2 CFR China

spread fell to -$102/mt as of close of

business Monday.

The US M1 spot styrene-benzene

spread widened on the week, closing

Monday at $361/mt.

US M1 spot mixed xylene prices

softened $30 on the week to

close Monday at $868.50/mt

FOB USG, some $141/mt above

the TPS FOB Korea marker.

Downstream PX fell as well

those to a lesser extent,

declining roughly $20 on the

week to finish at $920/mt FOB

USG. The M1 spot PX-MX spread

was estimated at $51.50/mt.

US spot toluene was down just

over $30 on the week to close at

$911/mt Monday. US prices held

a near $246 premium to the

Asian TPS toluene marker.

Styrene

Qty Load Discharge Laycan Ship

5,000 Houston ARA H1 June Pacific Endeavor

5,000 Houston Med H1 June Fairchem Friesian

5,000 Lk Charles FE H1 June TRF Oslo

5,000 Houston FE H2 June Maritime Kelly Anne

10,000 USGC ARA H2 June MTM Rotterdam

5,000 USGC ARA H1 Aug N/A

5,000 USGC ARA H1 Aug ChemBulk New York*

-$180.00

-$160.00

-$140.00

-$120.00

-$100.00

-$80.00

-$60.00

-$40.00

-$20.00

$0.00

$0.00

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$700.00

$800.00

$900.00

$1,000.00

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SPREAD US M1 (AUGUST) SPOT BZ DDP HTC US JULY SPOT TOLUENE FOB USG