AROMATICS TRADE FLOW REPORT VOLUME 2, ISSUE 29 – JULY 21, 2015

BENZENE

US August benzene prices posted notable week on week gains, rising roughly

$72 on the week as prices touched the $900/mt DDP HTC mark Tuesday.

Meanwhile in Asia, spot FOB Korea benzene prices also rose and were up

roughly $23, closing Tuesday at $782/mt. The FOB Korea-September DDP HTC

arb was estimated at near $42/mt. European spot benzene values were up

near $35 and closed Tuesday at $870/mt CIF ARA amid thin trade activity. The

CIF ARA-August DDP HTC arb was estimated at -$17/mt Tuesday.

Benzene fixtures:

Regional spot benzene spreads:

HIIGHLIGHTS:

US M2 SPOT BENZENE PRICES

POST SHARP REBOUNDS ON

THE WEEK.

ASIA-USGC ARB WIDENS TO

$42/MT PRIOR TO COSTS

JULY BENZENE IMPORTS FOR

THE FIRST HALF OF THE MONTH

TOTALLED JUST OVER 63,000

METRIC TONS.

KOREAN BENENE EXPORTS TO

THE US FOR JULY 1-19 WERE

ESTIMATED AT NEAR 35,800

METRIC TONS.

US SPOT STYRENE CONTINUES

TO SEE SUPPORT FROM

STRONGER EUROPEAN PRICES.

THE US M1 SPOT STYRENE-

BENZENE SPREAD ESTIMATED

AT $330/MT.

US SPOT TOLUENE PRICES

MOSTLY LEVEL ON THE WEEK

AMID STEEP BACKWARDATION.

ASIA-US TOLUENE ARB

ESTIMATED AT NEEAR $150

PRIOR TO FREIGHT.

M1 US SPOT BENZENE-TOLUENE

SPREAD FALLS TO -$74.50/MT.

US SPOT MX PRICES HOVER

NEAR $900 PUTTING THE PX-MX

SPREAD AT JUST OVER $40/MT

Benzene

Qty Load Discharge Laycan Ship

10-15,000 USGC ARA H1 Jun Chembulk Savannah

10,000 Houston Huelva H1 Jun Fairchem Friesian

4,500 Houston ARA H1 Jun N/A

9,000 Korea USGC H1 Jul Stolt Sun

9,000 Korea USGC H1 Jul Ginga Cougar

6,000 Korea USGC Mid July TTI TBN

3,000 Brazil USGC H2 Jul N/A

27,000 Korea USGC Mid August MOL tonnage

STYRENE, TOLUENE & XYLENES

US spot styrene values rebounded on

the week as prompt European

styrene lent support. US July spot

values were up near $40 on the week

to finish Monday at $1,240/mt FOB

USG.

August European styrene was seen

Tuesday at near $1,315/mt FOB NWE

while M2 CFR China rose over $50 to

finish at $1,245/mt.

The FOB USG-M2 FOB NWE spread

was estimated at $50 before costs

while the FOB USG-M2 CFR China

spread was at -$47/mt as of close of

business Monday.

The US M1 spot styrene-benzene

spread narrowed to $330/mt while

margins on a spot basis were

estimated at near $232/mt.

US M1 spot mixed xylene prices

were down near $38 on the

week, closing Monday at

$899.50/mt FOB USG while

downstream PX rose $20.50 to

finish at $940/mt Monday. The

M1 spot PX-MX spread was

estimated at $40.50/mt.

US spot toluene was sharply

backwardated with July at near

$941.50/mt. August bids were

seen as low as $850/mt FOB

USG Tuesday.

Asian toluene was at $725/mt

Tuesday putting the spread

between Asia and M2 FOB USG

at near $75 after freight.

ad was estimated Monday at -

$118/mt.

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*

PX

Qty Load Discharge Landed Ship

5,000 Gonfreville USEC H1 Jun N/A

10,000 ARA USEC H1 Jun Bow Tone

5,000 ARA USEC H2 Jun Stolt Norland

5,000 Netherlands USEC H1 July Stolt Perseverance

10,000 Netherlands USEC H1 July Bow Sagami

Toluene

Qty Load Discharge Landed Ship

9,000 Brazil USGC H2 Jun Bow Jubail

1,400 Colombia USGC H1 Jul Nordic Ann

5,000 China Kalama H1 Jul Lime Galaxy

3,000 Spain USGC H1 Jul Chemical Luna