TPS Air Report Jul 11

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  • 1. US BENZENE/STYRENE Spot benzene trended lower this week with July trades heard Thursday at $1,510/mt (504 cents/gal) DDP USG. July closed at $1,507/mt DDP USG down $24 from the previous week. August maintained a $48 discount and was seen $1,459/mt (488 cents/gal) DDP USG. The price spread between the TPS FOB Korea marker and US M2 DDP benzene was at $52/mt, down $22 week on week. The M1 5-day moving average was estimated at $20.42 (6.83 cents) above Fridays spot close at $1,527.50/mt (510.83 cents/gal). The 20-day moving average rose $13.87 above the spot close on Friday, estimate at $1,520.84/mt (508.64 cents/gal) on a DDP basis. The month-to-date average spot M1 spot price stood at $1,535.04/mt (513.39 cents/gal) as of close of business July 11. The monthly average for June was $1,445.37/mt (483.40 cents/gal)on a DDP basis. Spot styrene values retreated, closing the week assessed at $1,645/mt (74.60 cents/gal) FOB USG. August was assessed at $1,640/mt (74.40 cents/gal) FOB USG after trades were heard done at that level Thursday. The styrene-benzene spread closed Friday at $137.75/mt. Margins for styrene makers were negative this week after being severely dented on a spike in the benzene contract and a higher ethylene contract. Margins were estimated at -$11.02/mt Friday. US TOLUENE AND XYLENES Spot MX values softened notably, closing Friday at $1,203/mt FOB USG after July traded twice at that level on Wednesday and Thursday. The week on week change was a decline of near $51.50/mt Sources said that there was unlikely to be a settlement in the July MX contract. Toluene prices gained ground week on week, up $9 to close Friday at $1,283/mt FOB USG. Aromatics In Review -$50.00 $0.00 $50.00 $100.00 $150.00 $200.00 $250.00 60.00 62.00 64.00 66.00 68.00 70.00 72.00 74.00 76.00 78.00 11-Mar-14 17-Mar-14 21-Mar-14 27-Mar-14 2-Apr-14 8-Apr-14 14-Apr-14 21-Apr-14 25-Apr-14 2-May-14 8-May-14 14-May-14 20-May-14 27-May-14 2-Jun-14 6-Jun-14 12-Jun-14 18-Jun-14 24-Jun-14 30-Jun-14 7-Jul-14 11-Jul-14 Styrene production costs Styrene spot value SM margins $/mt $1,000.00 $1,050.00 $1,100.00 $1,150.00 $1,200.00 $1,250.00 $1,300.00 $1,000.00 $1,050.00 $1,100.00 $1,150.00 $1,200.00 $1,250.00 $1,300.00 $1,350.00 3-Mar-14 3-Apr-14 3-May-14 3-Jun-14 3-Jul-14 Spot Toluene Spot MX July 11, 2014 -$50.00 $0.00 $50.00 $100.00 $150.00 $200.00 $600.00 $800.00 $1,000.00 $1,200.00 $1,400.00 $1,600.00 $1,800.00 3-Mar-14 10-Mar-14 17-Mar-14 24-Mar-14 31-Mar-14 7-Apr-14 14-Apr-14 22-Apr-14 29-Apr-14 7-May-14 15-May-14 22-May-14 30-May-14 6-Jun-14 13-Jun-14 20-Jun-14 27-Jun-14 7-Jul-14 US BZ DDP M2 BZ FOB KOREA SPREAD 300.00 350.00 400.00 450.00 500.00 550.00 3-Mar-14 7-Mar-14 13-Mar-14 19-Mar-14 25-Mar-14 31-Mar-14 4-Apr-14 10-Apr-14 16-Apr-14 23-Apr-14 29-Apr-14 6-May-14 12-May-14 16-May-14 22-May-14 29-May-14 4-Jun-14 10-Jun-14 16-Jun-14 20-Jun-14 26-Jun-14 2-Jul-14 8-Jul-14 SPOT BZ M1 DDP USG 5-DAY MOV AVE 20-DAY MOV AVE

2. Aromatics In Review US BENZENE/STYRENE IMPORTS AND EXPORTS GLOBAL MAINTENANCE AND TURNAROUNDS *The blend value for T/X employs a formula which divides the regrade by 6, multiplies it by 17 and then adds it to the GC Unleaded cash price. Toluene imports for the first half of July were at just over 6,150 metric tons. The toluene/xylene blend value was lower week on week, down 24.8 cents to close Friday at 354.77 cents/gal. TDP margins fell sharply on the week as benzene and mixed xylenes prices fell. Margins were estimated Friday at PX prices fell in concert with MX amid weak demand and were estimated Friday at $1,295/mt FOB USG. The PX-MX spread was at $93/mt to close the week. The gains were attributed to stronger regrade values which closed at 22.2 5 on Thursday. Finally styrene prices were firm on stronger demand and tight supply. Both June and July prices were talked near 72 cents/lb while producer margins were estimated at almost $139/mt. FOB Korea spot benzene prices closed the week higher, touching as high as $1,362/mt before closing Friday at $1,352/mt, up $6 week on week. CFR China benzene values maintained a $66 premium to FOB Korea prices, closing Friday at $1,418.50/mt. The month to date FOB Korea spot benzene average was at $1,354.50. Junes FOB Korea spot average was at $1,340.69/mt. Spot styrene values on an FOB Korea and CFR China basis closed the week at $1,615.50/mt and $1,635.25/mt respectively, down $2 on the week. The spread between FOB Korea and CFR China spot was at $19.75 Friday, down from $20.50 the previous week. Styrene spot averages were at $1,616.79/mt FOB Korea and $1,636.43 CFR China at close of business Friday. The FOB Korea styrene-naphtha spread was at $659.56. Asian spot toluene prices closed the week $7 lower, assessed Friday at $1,170/mt. Spot mixed xylene prices moved higher, up $16 week on week to close Friday at $1,183.50/mt FOB Korea. MX saw support from stronger PX prices, which clawed back previous losses, gaining $30 week on week to be assessed Friday at $1,390/mt FOB Korea. The month to date averages for MX and PX on an FOB Korea basis were at $1,168.72 and $1,361.39/mt, respectively. The PX-MX spread was at $206.50/mt on Friday. TDP margins for Asian producers rose $18 on the week, estimated Friday at $102/mt. Shell Chemical faced an unplanned outage at its Deer Park, Texas reformer on July 4. Details were not immediately available however the company declared force majeure on MX out of the facility. The company has an estimated capacity of 200,000 mt/year at Deer Park. Chevron restarted its catalytic reformer at Pascagoula on July 2. The reformer, which has an estimated benzene capacity of 601,000 mt/year, was shut for unplanned maintenance on June 23. JX Nippon delayed the restart of its 550,000 metric ton PX unit at Kashima due to a technical glitch. The unit was shut on May 10-11 for planned maintenance and originally slated to restart in early July. Japans Idemitsu Kosan plans to restart its aromatics plant at Chiba in mid-September after the unit was shut on July 1 for a planned turnaround. The company will shut its Tokuyama plant following the restart of the Chiba plant. 250.00 270.00 290.00 310.00 330.00 350.00 370.00 390.00 410.00 1-Apr-14 4-Apr-14 9-Apr-14 14-Apr-14 17-Apr-14 22-Apr-14 25-Apr-14 30-Apr-14 5-May-14 8-May-14 13-May-14 16-May-14 21-May-14 26-May-14 29-May-14 3-Jun-14 6-Jun-14 11-Jun-14 16-Jun-14 19-Jun-14 23-Jun-14 26-Jun-14 1-Jul-14 4-Jul-14 9-Jul-14 Blend Value for Tol/Xyl $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 $140.00 3-Mar-14 7-Mar-14 13-Mar-14 19-Mar-14 25-Mar-14 31-Mar-15 4-Apr-14 10-Apr-14 16-Apr-14 23-Apr-14 29-Apr-14 6-May-14 12-May-14 16-May-14 22-May-14 29-May-14 4-Jun-14 10-Jun-14 16-Jun-14 20-Jun-14 26-Jun-14 2-Jul-14 9-Jul-14 US TDP Margins $/mt 1,000.00 1,100.00 1,200.00 1,300.00 1,400.00 1,500.00 24-Feb 3-Mar 10-Mar 17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May 19-May 26-May 2-Jun 9-Jun 16-Jun 23-Jun 30-Jun 7-Jul BZ CFR China BZ FOBK 1,480.00 1,500.00 1,520.00 1,540.00 1,560.00 1,580.00 1,600.00 1,620.00 1,640.00 1,660.00 10-Mar 17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May 19-May 26-May 2-Jun 9-Jun 16-Jun 23-Jun 30-Jun 7-Jul SM FOBK SM CFR C 3. EDITORS CONTACT INFORMATION Kevin Allen 713.344.3690 Yahoo: tpsusaros ASIAN BENZENE/STYRENE ASIAN TOLUENE AND XYLENES TPS makes no guarantees to the accuracy, timeliness or completeness of this data and shall not be held liable for losses or damages incurred as a result of any partys dependence or usage of the data and information contained in the report. Copyright The Petrochemical Standard 2014 | $100.00 $120.00 $140.00 $160.00 $180.00 $200.00 $220.00 $240.00 $260.00 $600.00 $700.00 $800.00 $900.00 $1,000.00 $1,100.00 $1,200.00 $1,300.00 $1,400.00 $1,500.00 $1,600.00 10-Mar 14-Mar 20-Mar 26-Mar 1-Apr 7-Apr 11-Apr 17-Apr 24-Apr 30-Apr 7-May 14-May 20-May 26-May 30-May 5-Jun 11-Jun 17-Jun 23-Jun 27-Jun 3-Jul 9-Jul I-MX FOBK PX FOBK Spread $950.00 $1,000.00 $1,050.00 $1,100.00 $1,150.00 $1,200.00 $1,250.00 10-Mar 14-Mar 20-Mar 26-Mar 1-Apr 7-Apr 11-Apr 21-Apr 28-Apr 6-May 14-May 21-May 28-May 4-Jun 10-Jun 17-Jun 24-Jun 1-Jul 8-Jul Tol FOBK Tol CFR C


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