Although, Asian market participants are watching developments in the US and European markets, which were both weaker.

The CIF Amsterdam-Rotterdam-Antwerp price fell by $22/mt day on day to $1,286/mt on Wednesday, while in the US, the FOB US Gulf price dropped 2 cents/gal ($6/mt) to 418 cents/gal ($1,255.80/mt). (See chart 1)

FOB US Gulf toluene was assessed at 406 cents/gal Wednesday, or $1,234.23/mt, an increase of 1 cent/gal from the day before on supply tightness.

NWE toluene price levels remained stable Wednesday at $1,175/mt FOB Rdam as mixed views were heard across the market about price direction in February. (See chart 2)

Asian isomer-grade mixed xylenes rose to $1,314.50/mt FOB Korea and $1,329.50/mt CFR Taiwan Thursday, up by $2/mt and $5/mt, respectively from a day earlier in tandem with the upstream crude market.

The CFR Taiwan/FOB Korea spread widened by $5/mt from Wednesday to $15/mt Thursday. In the US, MX prices have remained unchanged at 415 cents/gal ($1,261.60/mt) FOB US Gulf for the past five trading sessions. (See chart 3)

Paraxylene prices dipped Thursday on an absence of Chinese buyers due to the week-long Lunar New Year holidays. Asian PX finished the day down $1.50/mt to $1,594/mt CFR Taiwan/China Thursday.

Northwest European paraxylene values moved down $14/mt to be assessed Wednesday at $1,485/mt FOB Rdam as sources reported it made no sense to buy PX at $1,500/mt FOB Rdam or higher. US PX remained steady Wednesday at $1,540/mt FOB USG. (See chart 4)

No clear direction was seen for the Asian styrene monomer market Thursday and prices were unchanged day on day at $1,415/mt FOB Korea and $1,422/mt CFR China. With both China and Taiwan still closed for the Lunar New Year holidays till the end of the week, the market remained quiet.

Styrene for the first half of March stayed stable at $1,425/mt FOB China. European styrene prices fell $35/mt Wednesday, tracking a drop in upstream benzene to be assessed at $1,432/mt FOB Rdam.

The 3-30 day European styrene price was assessed at $1,445/mt FOB Rdam. In the US, the 3-30 day styrene price was assessed at a little lower at $1,430.78/mt FOB USG. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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Spot NWE benzene prices remained firm Tuesday, sources said, rising $9/mt to close at $1,308/mt CIF ARA as the shortage of feedstock pyrolysis gasoline (pygas) kept benzene supply under pressure. Sources also saw no price indications for January amid suggestions from some trade for the current month had concluded and that the focus had switched to February.

In the US, Benzene continued to rise as FOB USG prices for both January and February gained a penny Tuesday on tight supply. The January FOB USG price was assessed at 422 cents/gal ($1,261.78/mt FOB USG) as refinery turnarounds continue to leave thin supply. (See chart 1)

March ICE Brent was assessed at $110.32/barrel at 4:30 pm Singapore time (0830 GMT) on Wednesday, down $1.69/b from last Friday's assessment. The FOB Korea toluene price fell less than crude, in part due to support from the FOB US Gulf toluene market which was assessed at 405 cents/gal or $1,231.20/mt on Tuesday, unchanged from Monday and up 1 cent/gal from Friday.

NWE toluene prices were steady as the market reached an impasse as buyers and sellers held their respective positions at a wide bid-offer range, sources said.

Sellers considered holding offers at above $1,200/mt for 1kt FOB Rotterdam barges, and there were reports of one offer as high as $1,240/mt for a CIF R'dam parcel; in contrast, buyers were holding back as bid levels were heard around $1,160/mt. The European toluene price closed Tuesday at $1,175/mt FOB Rdam. (See chart 2)

Asian isomer-grade mixed xylenes were assessed at $1,312.50/mt FOB Korea and $1,322.50/mt CFR Taiwan Wednesday, unchanged from Friday amid thin liquidity in the market.

Meanwhile, US MX prices remained steady at 415 cents/gal ($1,261.60/mt} FOB US Gulf for the fourth consecutive day Tuesday, flat since last Thursday. (See chart 3)

Paraxylene prices rose Wednesday amid market concerns of tight availability and high ACP nominations for February.  The FOB Korea and CFR Taiwan/China benchmarks for paraxylene were assessed at $1,570.50/mt and $1,595.50/mt, respectively, up $8.50/mt from Friday last week.

Northwest European paraxylene prices edged down $1/mt to be assessed at $1,499/mt FOB R'dam Tuesday as some sources said downstream PTA remained long in Europe while others felt they were awaiting signals from the Asian market.

In the US, US PX was steady at $1,540/mt FOB USG. (See chart 4)

Asian styrene monomer was assessed unchanged from last Friday at $1,415/mt FOB Korea and $1,422/mt CFR China Wednesday. Firm offers were heard at $1,425/mt FOB Korea for the second half of February loading and at $1,450/mt FOB Korea for loading in March. No firm bids were seen.

European styrene prices continued to climb Tuesday amid firm buy interest as sources reported February barges trading as high as $1,480/mt at the start of the day. The 3-30 day styrene price was assessed at $1,475/mt FOB Rdam, up $10/mt from Tuesday.

In the US, Styrene was assessed stable as the market was thinly traded, sources said. The 3-30 days styrene price was assessed stable at 69.50 cents/lb ($1,432.99/mt FOB USG) as an unconfirmed deal was heard Monday done late last Thursday at 64.5 cents/lb. February spot SM was pegged in the 64.5-67 cents/lb range. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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In the US, US spot benzene prices prices rose over the first part of last week before falling a little on Friday to close at $1,255.80/mt FOB USG, down almost $3/mt from Thursday. Like in Europe, US benzene prices climbed $47.84/mt week on week.

Asian benzene closed Friday at $1,200.50/mt FOB Korea with no price assessments Monday due to the Lunar New Year holiday. (See chart 1)

US toluene dropped $6.08/mt Friday to close at $1,228.16/mt FOB USG. For the week, spot toluene prices in the US were talked higher on the back of tight supplies and healthy demand, rising $18.24/mt week over week.

FOB Korea toluene was assessed at $1,181.50/mt on Friday. (See chart 2)

In the US, spot mixed xylene values gained roughly 12 cents/gal week on week as supplies remained tight on the back of muted production, closing at $1,257.45/mt FOB USG Friday, not moving from where it was assessed on Thursday.

Asian isomer-grade mixed xylenes closed last week higher at $1,312.50/mt FOB Korea and $1,322.50/mt CFR Taiwan Friday. (See chart 3)

Northwest European spot paraxylene values moved up $55/mt week on week to close assessed at $1,500/mt FOB R'dam as sources reported they saw prices rising significantly in the US and Asia going forward. The price moved up $20/mt Friday after closing at $1,480/mt FOB R'dam Thursday.

In the US, US spot paraxylene prices showed no signs of easing this week, gaining roughly $40/mt week on week to close at $1,540/mt FOB USG due to strong demand from Asia and tight supplies.

Asian paraxylene prices were assessed at $1,562/mt and $1,587/mt, for the FOB Korea and CFR Taiwan/China paraxylene benchmarks, respectively, Friday. (See chart 4)

European styrene further eased as traders sought profit-taking following the early January rally. With January interest easing ahead of February, prompt buy interest was limited. Sources pegged January barges at $1,390-1,405/mt FOB ARA while February was priced at $1,420-1,440/mt; March was seen at $1,435-1,455/mt. European styrene was assessed at $1,425/mt FOB R'dam Friday for the 3-30 day price, down $5/mt from Thursday's assessment.

In the US, the styrene price assessment stayed put at $1,408.74/mt FOB USG for the 3-30 day price.

On an FOB Korea basis, the second half of February was seen offered at $1,425/mt Friday. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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In addition, volatility in the US market made buyers more cautious on Friday compared with Thursday. The US price was assessed Thursday at $1,258/mt FOB USG. (See chart 1)

Taiwan stood out as the top export destination as exports to the US, which is usually the most popular destination for South Korean benzene, were 26,718 mt, with the arbitrage window from Asia to the US remaining closed. However, exports to the US gained 46%, or 8,469 mt, compared with November.

The European benzene price was assessed Thursday at $1,269.50/mt CIF ARA.

The FOB Korea toluene marker Friday was assessed at $1,181.50/mt at 0430 GMT Friday, up $19.50/mt week on week but $7/mt lower than Thursday's 0830 GMT assessment. The day-on-day fall Friday came after three consecutive days of price increases, with the largest increase of $11.50/mt seen on Thursday amid higher US Gulf prices -- due to news that US-based Hess will shut its Hovensa refinery in St. Croix in the US Virgin Islands by mid-February because of mounting economic losses.

FOB US Gulf toluene was assessed at 406 cents/gal or $1,234.24/mt Thursday, down from 406.5 cents/gallon the day before. The European toluene price was assessed Thursday at $1,180/mt FOB Rdam. (See chart 2)

Asian isomer-grade mixed xylenes closed the week higher at $1,312.50/mt FOB Korea, and $1,322.50/mt CFR Taiwan at 0430 GMT Friday, up $20/mt and $25/mt, respectively, from the 0830 GMT close Thursday, in tandem with the upstream energy complex.

Week on week, the FOB Korea and CFR Taiwan benchmarks rose by $39/mt and $41/mt, respectively. Upstream, naphtha notched up by $3.25/mt day on day and $9.25/mt week on week to $959.63/mt CFR Japan at 0430 GMT Friday. In the US, MX prices continued on a bullish streak Thursday climbing to $1,257/mt FOB USG. (See chart 3)

Paraxylene prices sank $4/mt Friday as a buyer's market emerged ahead of the Lunar New Year holidays. Friday's prices were assessed at 12:30 Singapore time (0430 GMT), compared with the usual 0830 GMT close, due to the holidays. The CFR Taiwan/China PX price was assessed at $1,587/mt.

Nevertheless, producers were optimistic that spot prices will be boosted as supplies tighten going forward. In Thailand, PTT Global Chemical will not have any spot paraxylene cargoes to offer in the first quarter due to reduced runs and a planned turnaround, a source close to the company said Friday. Its Aromatics Complex 2 was shut December 12 because of a mechanical problem and restarted early January.

Since it was restarted, the plant has been operating at about 60-70% of its design capacity of 655,000 mt/year of paraxylene, 355,000 mt/year of benzene and 60,000 mt/year of toluene. The plant is also scheduled to undergo 30-40 days of maintenance in early March.

The US PX price climbed $5 to $1,525/mt FOB USG. The European PX price climbed Thursday to $1,480/mt FOB Rdam. (See chart 4)

Asian styrene monomer prices were assessed flat at $1,425/mt FOB Korea for H2 March on Friday, with SM demand slowing down ahead of the Lunar New Year holidays. The Lunar New Year holidays officially start in China on January 22, but many in the country have already traveled back to their hometowns.

As such, not much discussion was heard from Chinese market players this week, especially toward the end of the week. In East China tank space is getting scarce, a Chinese trader said Friday. The inventory level in the east was heard rising 4.7% week on week to 106,500 mt Friday.

The US SM price was assessed Thursday at $1,408/mt FOB USG. The European price was assessed Thursday at $1,430/mt FOB Rdam. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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European benzene gained $29/mt over the same period to $1,257.50/mt CIF ARA. The spread between benzene and naphtha -- a common industry measure of the profitability of producing benzene -- widened by $10.12/mt to $262.62/mt January 19. Asian benzene producers typically need the spread to be $150/mt to break even.

FOB US Gulf toluene was assessed at $1,234/mt FOB USG January 18, up $25 from January 17. The rise in toluene occurred despite lower crude prices, with March ICE Brent crude assessed at $111.28/barrel at 4:30 pm Singapore time (0830 GMT) January 19, down $0.26/b from the day before. The European toluene price was assessed January 18 at $1,176/mt FOB Rdam. (See chart 2)

Asian isomer-grade mixed xylenes closed higher January 19 at $1,292.50/mt FOB Korea and $1,297.50/mt CFR Taiwan, up by $2/mt and $5/mt from a day earlier, shrugging off a downtrend in both the energy complex and the downstream market.

In the US, aromatics spot prices rose January 18 after US-based Hess said it will shut its Hovensa refinery in St. Croix in the US Virgin Islands by mid-February because of mounting economic losses. The refinery, which has an estimated production capacity of 5,800 b/d of toluene, 4,500 b/d of benzene, and 4,000 b/d of MX, will operate as an oil storage terminal following the shutdown. The news sent US MX prices higher to $1,251/mt FOB USG. (See chart 3)

Paraxylene prices fell by $5/mt January 19 as market demand thinned ahead of the Lunar New Year holidays next week. The CFR Taiwan/China price was assessed Thursday at $1,591/mt, down $5 from January 18.

However, market participants expect spot prices to firm as Chinese buyers are expected to resume buying activities after the Lunar New Year holidays next week. They also expect supplies in Asia to tighten on prolonged shutdowns and turnarounds in February and March.

The US PX price was assessed January 18 at $1,520/mt FOB USG. In Europe, the PX price was assessed at $1,440/mt FOB Rdam. (See chart 4)

Asian styrene monomer for H1 March was assessed flat January 19 at $1,425/mt FOB Korea. The stead price in H1 March - and a $5 increase in the H2 March price widened the contango market structure in Asia. The prices for H1 and H2 February fell $7.50 January 19 amid decreasing demand ahead of the Lunar New Year holidays next week.

The inventory level in East China was heard rising week on week by 4.7% to 106,500 mt January 19 amid slowing consumption ahead of the Lunar New Year holidays. This is the highest inventory level since the third week of April 2011, when it stood at 120,000 mt.

The US styrene price was assessed January 18 at $1,408/mt FOB USG. The European styrene price for February climbed $41 to $1,451/mt FOB Rdam. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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During the morning of January 18 in Europe January benzene was heard bid at $1,215/mt and offered at $1,250/mt CIF ARA. February was heard bid at $1,230/mt and offered at $1,255/mt CIF ARA. March was heard bid at $1,235/mt and offered at $1,270/mt CIF ARA.

March ICE Brent crude futures were assessed at $111.49/barrel at 4:30 pm Singapore time (0830 GMT), down $0.57/b from the day before.

The US toluene price remained the highest globally at $1,209/mt FOB USG. The European toluene price was assessed at $1,173/mt FOB Rdam. (See chart 2)

Asian isomer mixed xylenes was assessed unchanged day on day at $1,290.50/mt on an FOB Korea basis January 18 but was up $2/mt to $1,292.50/mt CFR Taiwan. The Asian price remained at a $65.50 premium to the US price, which was assessed January 17 at $1,224/mt FOB USG. (See chart 3)

In related news, Japan's Idemitsu Kosan unexpectedly shut its naphtha-fed steam cracker at Tokuyama, Yamaguchi prefecture, January 17 night, a source close to the company said January 18. The source declined to provide a reason for the shutdown, but said the company was carrying out repairs. The steam cracker is expected to resume production in a few days, the source added.

Asian paraxylene prices were higher January 18 on concerns of tight availability in the market. The CFR Taiwan/China benchmark for paraxylene was assessed $2 higher January 18 at $1,596/mt.

Kuwait Paraxylene Production Company's 830,000 mt/year paraxylene plant is operating at just 80% of capacity due to mechanical issues since early January, a company source said Monday.

In Southeast Asia, Thailand's PTT Global Chemical has been operating its aromatics plant at Map Ta Phut at 80% of capacity since early January. The aromatics plant, which has a nameplate capacity of 655,000 mt/year of paraxylene, was shut on December 14 and restarted early January.

In Indonesia, Trans-Pacific Petrochemical Indotama has delayed a restart of its aromatics plant at Tuban, East Java, to H2 February. The plant, which can make 550,000 mt/year of paraxylene, was shut on December 13 for scheduled maintenance.

Meanwhile, Japan's Idemitsu Kosan is operating its aromatics plant at Tokuyama normally even though its naphtha-fed steam cracker at the same site was shut unexpectedly January 17 night.

Tight supply concerns remained even though a market participant said downstream purified terephthalic acid inventories in China were low due to shutdowns, implying less demand for paraxylene. The US PX price was assessed January 17 at $1,515/mt FOB USG. The European paraxylene price was the lowest globally at $1,436/mt FOB Rdam. (See chart 4)

Asian styrene monomer prices increased January 18 on the back of firm demand, with sentiment in the market pushed up due to firm benzene feedstock costs. Compared with the previous day, SM FOB Korea for H1 March was assessed up $26/mt to $1,425/mt January 18.

Firm buying was seen for the FOB Korea market, with buyers anticipating tighter supply as South Korea's Samsung Total Petrochemicals plans to shut its 650,000 mt/year No. 2 styrene monomer unit in Daesan for three weeks of maintenance from April 5.

The US styrene price was the lowest globally at $1,406/mt FOB USG. The European price for February was assessed at $1,410/mt FOB Rdam January 17. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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The US market was closed for a public holiday January 16, but European benzene edged up $14/mt day on day to close at $1,198.50/mt CIF ARA January 16. (See chart 1). January 17 morning in Europe February was heard traded at $1,230/mt CIF ARA. January benzene was heard bid at $1,215/mt and offered at $1,225/mt CIF ARA.

"We're just tying up the loose ends at work now," said a China-based trader. The European price was assessed at $1,138/mt FOB Rdam. The US price was assessed Friday at $1,209/mt FOB USG. (See chart 2)

Asian isomer-grade mixed xylenes closed January 17 at $1,290.50/mt for both the FOB Korea and CFR Taiwan benchmarks amid active trading, with the FOB Korea marker gaining $4/mt from January 16 but the CFR Taiwan marker falling $6/mt. As a result, the spread between the FOB Korea and CFR Taiwan benchmarks fell to parity January 17, from $10/mt January 16. The US MX price was assessed January 13 at $1,221/mt FOB USG. (See chart 3)

Asian paraxylene prices were up $9/mt day on day January 17 as market sentiment was lifted by higher crude futures and purified terephthalic acid prices.

PTA spot prices were assessed up $9/mt at $1,159/mt CFR China January 17. A market participant said February requirements for paraxylene were mostly settled, suggesting that holders of February cargoes might have to pay a premium if they wanted to swap their cargoes for March parcels.

The US paraxylene price fell to $1,505/mt FOB USG January 13. The European paraxylene price was assessed January 13 at $1,427/mt FOB Rdam. (See chart 4)

Asian styrene monomer for H1 March was assessed up $2/mt day on day to $1,390/mt FOB Korea January 17. Downstream, China's Wuxi Xingda will shut all of its expandable polystyrene plants -- amounting to a total capacity of 1.11 million mt/year -- for about two weeks starting January 19, a source close to the company said January 17.

The reason for the shutdown is the Lunar New Year holidays, which officially begin in China on January 22 and last for about a week. During this time, millions of workers travel to their hometowns in other parts of the country and several factories shut.

Taiwan's Loyal Group, which has five EPS plants in China with a total capacity of about 1.5 million mt/year, also plans to shut all production for about 10 days for the holidays, a source close to that company said this week.

The European styrene price for February was assessed January 16 at $1,360/mt FOB Rdam. The US price was assessed Friday at $1,399/mt FOB USG. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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Traders attributed the strong rise in US benzene prices to tighter supply in the US as the arbitrage window from Asia to the US has been closed for about four months. The European benzene price was assessed January 12 at $1,202/mt CIF ARA.

The inventory level in East China was heard to be 65,000 mt January 13, up 30% from the week before. The increased availability of toluene moderated the domestic price in East China, which was heard at Yuan 8,775/mt, or $1,153.67/mt on an import parity basis, down Yuan 150/mt week on week but stable from January 12.

The isomer-grade mixed xylenes CFR Taiwan marker slipped by $7/mt from a day earlier but rose by $28.50/mt week on week to $1,281.50/mt January 13. Similarly, the FOB Korea benchmark remained unchanged for the third consecutive day but jumped $35.50/mt from a week earlier to $1,273.50/mt January 13. The spread between the CFR Taiwan and FOB Korea markers narrowed by $7/mt day on day to $15/mt January 13.

Upstream, front month ICE Brent futures were down by $1.09/barrel day on day and by $0.94/b from a week earlier to $112.19/b at 4:30 pm Singapore time (0830 GMT) January 13. Overnight in the US January 12, isomer-MX prices held firm at $1,212/mt FOB USG. (See chart 3)

Asian paraxylene closed January 13 at $1,586/mt CFR Taiwan/China, up $16/mt week on week but down $1/mt from January 12. As Asian PX now commands the highest price globally, cargoes from the US and Europe were still making its way to Asia, helping to ease the supply crunch.

European PX closed Thursday at $1,450/mt FOB Rotterdam while US PX closed at $1,510/mt FOB US Gulf. (See chart 4). With freight estimated at $110-120/mt from the US/Europe to Asia, traders were still able to take advantage of the arbitrage between the regions. Downstream, purified terephthalic acid closed at $1,147/mt CFR China January 13, unchanged from January 12 but down $13 week on week.

Asian styrene monomer was assessed at $1,389/mt FOB Korea January 13 on the back of rising feedstock prices and demand for February and March cargoes. "Nobody wants to sell, [because] they have confidence, especially for March and April [cargoes]," a South Korean trader said January 13, explaining why the market firmed slightly toward the week's end.

Another trader pointed to higher naphtha and benzene prices, saying "relatively SM is cheaper [and] producers are losing money." The US styrene price climbed sharply January 12 to $1,404/mt FOB USG. The European price was the lowest globally at $1,350/mt FOB Rdam. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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Said a Singapore-based trader: "Demand is not fantastic, but supply in the US has been low as plants haven't been producing well. Imports from Asia to the US are also low as the arbitrage window has been shut for a several months."

Following the trade any February was heard bid at $1,195/mt and offered at $1,200/mt CIF ARA. March was heard bid at $1,195/mt CIF ARA and offered at $1,215/mt CIF ARA.
The FOB Korea marker was assessed at $1,162/mt January 12, down $4/mt from the day before amid falling crude.

The Asian toluene price remained at a discount to the US, which was assessed at $1,209/mt FOB USG January 11. The European toluene price was the lowest globally at $1,108/mt FOB Rdam. (See chart 2)

The isomer-grade mixed xylenes CFR Taiwan benchmark surged $26/mt from a day earlier to close January 12 at $1,288.50/mt but the FOB Korea benchmark remained steady at $1,273.50/mt despite weaker crude and downstream markets.

The CFR Taiwan isomer-MX benchmark was assessed back at a premium to the FOB Korea benchmark, with the spread at $15/mt January 12 compared with minus $11/mt January 11, as buyers for CFR Taiwan cargoes emerged.

"I received some [buying] enquiries from Taiwanese sources [for CFR Taiwan cargoes]," said a trader. US MX continued to be talked near $1,212/mt FOB USG January 11, though no trades were confirmed done. (See chart 3)

Asian paraxylene edged down $2/mt day on day to settle January 12 at $1,587/mt CFR Taiwan/China. Bids for Asia-origin PX (excluding China, India and Middle East origin) were concentrated on March arrival cargoes.

Meanwhile, downstream purified terephthalic acid ended January 12 at $1,147/mt CFR China for Taiwan-origin cargoes, down $7/mt day on day. The fall was in tandem with PTA futures traded on China's Zhengzhou Commodity Exchange, which saw the most actively traded May contract losing Yuan 46/mt ($7.30/mt).

Market watchers felt that PTA would weaken in the days leading up to the Lunar New Year in the last week of January as end-users have finished replenishing their feedstock. The US PX price surged to $1,510/mt FOB USG January 11 following a trade confirmed done at that level. The European paraxylene price was assessed January 11 at $1,445/mt FOB Rdam. (See chart 4)

Asian styrene monomer failed to jump as much as its feedstocks ethylene and benzene Thursday, but rose marginally by $1/mt for H2 February to $1,387/mt FOB Korea.

Looking upstream, ethylene rose day on day by $5/mt to $1,155/mt CFR Northeast Asia January 12, while benzene jumped $13.50/mt. This means the SM-benzene spread has shrunk further by $12.50/mt day on day to $211.50/mt January 12. This is the lowest it has been since April 4, 2011 when it was at $188.50/mt with SM at $1,360/mt FOB Korea and benzene at $1,171.50/mt FOB Korea.

The US styrene price was assessed flat January 11 at $1,361/mt FOB USG. The European styrene price for February was assessed at $1,330/mt FOB Rdam. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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In the US, benzene soared to $1,201/mt FOB USG. The European price edged up $27/mt over the same period to $1,168.50/mt CIF ARA. (See chart 1)

The Asian toluene benchmark rose $11/mt to $1,166/mt FOB Korea January 11 in line with a stronger upstream energy complex. Despite a generally calm sentiment among market participants, bullish upstream factors were cited as the main driver of the movement in Asian toluene.

The US toluene price climbed sharply to $1,212/mt FOB USG. The European price, though, was mostly stable at $1,098/mt FOB Rdam. (See chart 2)

The isomer-grade mixed xylenes FOB Korea price was assessed $9/mt higher from a day earlier to $1,273.50/mt January 11 while the CFR Taiwan marker rose $2/mt to $1,262.50/mt CFR Taiwan, tracking similar movements in the crude market.

The CFR Taiwan isomer-MX benchmark continued to be assessed at a discount to the FOB Korea benchmark, with the spread at minus $11/mt January 11 compared with minus $4/mt January 10, due to ongoing strong demand for FOB Korea cargoes. The US MX price jumped to $1,215/mt FOB USG on supply concerns. (See chart 3)

Asian paraxylene prices edged down January 11, as urgent needs were seen met for the moment. Compared with the previous day, CFR Taiwan/China decreased $1/mt to close at $1,589/mt. 

Some sources thought that the market could flip into a contango, with some expecting less supply of PX coming out of the US further forward. Demand for the H1 February was seen higher as buyers needed to stock up after returning from Lunar New Year holidays in late January.

The US PX price climbed to $1,457.50/mt FOB USG. The European price posted similar gains to $1,445/mt FOB Rdam. (See chart 4)

Asian styrene monomer for H2 February was assessed $4/mt higher day on day at $1,386/mt FOB Korea January 11 on higher energy and benzene prices. The US price was flat at $1,361/mt FOB USG. The European price was the lowest globally at $1,335/mt FOB Rdam. (See chart 5)

In production news Japan's Denki Kagaku Kogyo, or Denka, plans to permanently shut its 240,000 mt/year styrene monomer plant at Chiba in late April or early May, and focus solely on domestic sales after that, a company source said January 11.

The news comes after Japan's Sumitomo Chemical announced January 10 that it will sell its 40% stake in SM joint-venture Chiba Styrene Monomer to Denka, at the end of April. Denka, which currently has a 60% stake in the JV, will become 100% owner of the 270,000 mt/year SM facilities of Chiba SM after the deal is completed.

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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"Asian benzene prices move in tandem with US benzene prices. With the arbitrage window from Asia to the US closed, supply is going to be tight there [the US]," a South Korean trader said.

The Asian toluene benchmark rose $16/mt to $1,155/mt FOB Korea Tuesday despite a market lull. The Asian price was following a similar trajectory to the US price, which climbed to $1,176/mt FOB USG Monday. In Europe, the toluene market was mostly stable to start the week, with the assessment at $1,088/mt FOB Rdam. (See chart 2)

Asian isomer-grade mixed xylenes continued rising, closing Tuesday at $1,264.50/mt FOB Korea and $1,260.50/mt CFR Taiwan, up by $11/mt and $1/mt, respectively, from Monday in tandem with downstream paraxylene.

The spread between the CFR Taiwan and FOB Korea benchmarks flipped into the negative zone at minus $4/mt Tuesday from $6/mt Monday amid strong demand for FOB Korea cargoes. (See chart 3)

"Everybody is looking for FOB Korea cargoes, so it is possible [for FOB Korea] to be higher then CFR Taiwan," said a South Korean trader.

Upstream, front month ICE Brent futures fell by $0.61/barrel day on day to $113.07/b at 4:30 p.m. Singapore time (0830 GMT) Tuesday while naphtha rose by $1.25/barrel over the same period to $967.75/mt CFR Japan Tuesday. In the US Monday, the mixed xylene price fell slightly to $1,178/mt FOB USG.

Asian paraxylene prices rose Tuesday due to firm demand and tight supply of Asia-origin cargoes, despite downstream prices sliding. Day on day, PX prices on a CFR Taiwan/China basis climbed $13 to $1,590/mt. Prices were lifted by firm demand, especially for the March laycan. (See chart 4)

Despite the bullishness in the PX market, downstream purified terephthalate producers were not able to pass on the higher PX costs. Compared with the previous day, PTA prices actually fell by $7/mt to $1,158/mt CFR China on Tuesday on the back of weak downstream demand.

The US paraxylene price climbed to $1,442.50/mt FOB USG, a nearly $150 discount to the Asian paraxylene price. The European paraxylene price was assessed Monday at $1,430/mt FOB Rdam.

Asian styrene monomer for H2 February climbed $12 from Monday to close at $1,382/mt FOB Korea Tuesday on positive US data and a cost push from benzene. Data from the US showed a 9.9% rise in consumer credit in November -- the biggest increase in a decade - which sent Asian stocks higher.

Credit card spending was up 8.5%, while non-revolving loans, including university and automobile loans, jumped 107%. The data added to a growing sense that recovery in the world's largest economy is showing signs of strength, coming days after a fall in the unemployment rate and a larger-than-forecast boost in job creation.

"The SM market was depressed for a long time due to weak demand because of the off season, [but] downstream operating rates will be increased gradually and there are several scheduled turnarounds in Asia. US benzene is now very strong and it will push up the cost of US SM. The Asian market is importing market for deep sea materials, [but] now the arbitrage window is closed," an Asian SM trader said about Tuesday's SM price hike.

The US SM price climbed to $1,361/mt FOB USG Monday. In Europe the styrene price for February was assessed at $1,318/mt FOB Rdam. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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"I don't think [benzene] prices should keep rising like that as Asian traders are not confident that US benzene prices will go above the psychological barrier of 400 cents/gal," one trader based in South Korea said January 6.

Asian toluene on an FOB Korea basis was assessed at $1,139/mt January 9, up $2/mt from Friday. The Asian price remained at a slight discount to the US price, which was assessed Friday at $1,158/mt FOB USG.

The European toluene price remained the lowest globally January 6 at $1,088/mt FOB Rdam. (See chart 2)

Asian isomer-grade mixed xylenes started the week on a positive note to close January 9 at $1,253.50/mt FOB Korea and $1,259.50/mt CFR Taiwan, up $15.50/mt and $6.50/mt, respectively from January 6 in line with gains in the crude market.

The spread between FOB Korea and CFR Taiwan markers narrowed by $9/mt from January 6 to $6/mt January 9, while the H1/H2 February spread widened from flat to $5/mt.

"The demand from Taiwan is low while there is demand from China and Singapore," said a South Korean trader.

The US mixed xylene price was assessed January 6 at $1,181/mt FOB USG. (See chart 3)

Asian paraxylene prices firmed $7/mt January 9, compared with January 6, lifted by downstream purified terephthalic acid and isomer-MX prices. The CFR Taiwan/China PX price was assessed January 9 at $1,577/mt, up $7 from January 6.  PTA prices gained $5/mt to $1,165/mt CFR China January 9.

Market activity was thin as Japan was closed January 9 for a public holiday. The US PX price was assessed January 6 at $1,437.50/mt FOB USG. The European PX price was assessed Friday at $1,425/mt FOB Rdam. (See chart 4)

Asian styrene monomer for H2 February was assessed Monday at $1,370/mt FOB Korea, down $6 from January 6. The Asian market was in contango with H1 February at a $23 discount to the H2 February price. The H1 March price was assessed at a $4 premium to the H2 February price.

Market sources said this could be due to Chinese storage tanks filling up ahead of the Lunar New Year holiday season, which starts January 22 and lasts for about one week. One trade source said he had been forced to switch his port of unloading to Nantong because tanks in Zhangjiagang, a major petrochemical port close to Shanghai, were full.

The prompt US styrene price was assessed January 6 at $1,358/mt FOB USG. The February styrene price in Europe was assessed January 6 at $1,325/mt FOB Rdam. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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The spread between benzene and naphtha - a common industry measure of the profitability of producing benzene - widened to $25.50/mt Friday, after flipping into positive territory at $6.75/mt on December 29. Asian benzene producers typically need the spread to be $150/mt to break even.

The FOB Korea marker was assessed at $1,137/mt on Friday, up $33/mt week on week but unchanged from the day before. Feedstock CFR Japan naphtha tracked the crude market, down by $0.50/mt day on day but up $37.75/mt from a week earlier to $950.50/mt Friday.

The US toluene price was the highest globally at $1,155/mt FOB USG. The European price was assessed Thursday at $1,093/mt FOB Rdam. (See chart 2)

Asian isomer-grade mixed xylenes slipped by $6/mt from a day earlier to close Friday at $1,238/mt FOB Korea, and $1,253/mt CFR Taiwan -- in line with both upstream and downstream markets. But week on week, isomer-MX FOB Korea and CFR Taiwan markers rose by $8.50/mt and $11.50/mt, respectively.

The energy complex reversed its bullish streak and was on a downtrend early Friday amid continuing eurozone worries and rising crude inventories in US. The US MX price was assessed Thursday at $1,190/mt FOB USG. (See chart 3)

Asian PX prices were up $81/mt week on week Friday even though they sank for a second day running Friday on signs that downstream purified terephthalic acid makers were unable to pass on high paraxylene feedstock costs.

In China, PTA maker Yisheng Petrochemical may shut its 650,000 mt/year line at Ningbo after completing maintenance works due to negative margins, a company source said Friday. The line was shut December 15 and was initially scheduled to restart January 15.

"We may continue idling the line if margins continue to remain weak," said the source. PX was assessed at $1,570/mt CFR Taiwan/China Friday. The US paraxylene price was assessed Thursday at $1,447.50/mt FOB USG. The European paraxylene price climbed to $1,425/mt FOB Rdam. (See chart 4)

Asian styrene monomer for H2 February fell $1 on Friday to $1,376/mt FOB Korea, following a week of strong gains fueled by fast-rising energy prices. Trade sources said during the week that sentiment was bullish for February, and March, in particular. March will see a slew of turnarounds among Japanese producers. In addition, demand from downstream products such as expandable polystyrene is expected to improve around this time.

The US styrene price was assessed at $1,353/mt FOB USG. The European styrene price was assessed at $1,322/mt FOB Rdam. (See chart 5)

All of the charts featured were built on Platts on the Net. The formulas we use are estimates to illustrate industry-wide trends. Subscribers to Platts on the Net can modify the formulas to better reflect their own assumptions. If you are a Platts on the Net subscriber, and would like access to these charts or the formulas used to build them, or for more information about Platts on the Net, please contact Jim Foster at jim_foster@platts.com.

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