TPS Aromatics Trade Flow Report 7.9.14

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PYGAS, BENZENE, AND STYRENE: Summary: July import volumes were off to a good start with the first week seeing some 18,000 metric tons of benzene land at the US Gulf Coas. Additionally, near 6,500 metric tons of pygas at the Port of Houston. Activity in trade lanes had improved from the previous couple of weeks, driven by higher prices seen at the end of June. The market remained snug following several production issues by producers at the end of last month and July spot values closed Tuesday at $1,583/mt. Still a steep backwardation equaling near $66/mt was seen between July and August while a roughly $60/mt backwardation was seen from August to September. ARRIVED Stolt Norland arrived at the Port of Houston on July 2 carrying roughly 6,000 metric tons of pygas for one party. The vessel cast off from the Port of Tai Chung, Taiwan on May 11. Maritime Jingan carrying roughly 18,000 metric tons of benzene for two different parties, arrived at the Port of Houston on July 4. The vessel cast off from slated to arrive on June 25 after setting off from the Port of Ulsan on May 27. EN ROUTE: The vessel Intrepid Seahawk, said to be loaded with 12,000 metric tons of benzene, was last seen headed west- northwest at 12.4 knots passing in the Mediterranean Sea. The vessel cast off from the Port of Yanbu on June 30 and was destined for the SW Pass in the US Gulf. (Last update seen at 5:07 p.m on July 9.) The vessel Celsius Mayfair, reportedly fixed with 8,000 metric tons of benzene, was last seen anchored at the Port of Suape. The vessel was expected to make its way to the US Gulf after loading in mid-July. (Last update seen at 5:34 p.m. on July 9.) AROMATICS TRADE FLOW REPORT July 9, 2014 Vol 1, Issue 8 Copyright The Petrochemical Standard 2014 | kevin.allen@petchemstandard.com | CONTENT IS PROVIDED AS IS. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM, ACCESSING AND USING TPS DATA. The vessel Sichem Hawk, heard to be loaded with 16,000 metric tons of benzene, was last seen anchored at the Port of Tarragona. The vessel was expected to load between July 5 and July 10 and subsequently make its way to the US Gulf. (Last update seen at 5:58 p.m. on July 9.) The vessel MT Carla Maersk, expected to load 9,000 metric tons of benzene , was last seen moving south-southwest at 12.9 knots off the Brazilian coast, just north of Porto Alegre. The vessel was expected to load in H2 July and then make its way to the US Gulf. (Last update seen at 6:21 p.m. on July 9.) The vessel Chembulk VirginGorda, loaded with two 5,000 metric tons parcels of styrene, was last seen moving north- northwest at 13 knots off of the coast of California. The vessel was slated to arrive at the Port of Yokohama on July 24 and then make its way to China. (Last update seen at 5:24 p.m. on July 9.) Copyright The Petrochemical Standard 2014 | kevin.allen@petchemstandard.com | CONTENT IS PROVIDED AS IS. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM, ACCESSING AND USING TPS DATA. The vessel FPMC 30, loaded with 6,000 metric tons of styrene according to PEIRS data, was last seen in the US Gulf moving east-southeast at 12.3 knots. The vessel cast off from Corpus Christi and was slated to arrive at Cristobal, Panama on July 14. From Panama, it was expected to head toward Taiwan. (Last update seen at 5:18 p.m. on July 9.) TOLUENE, XYLENES & STYRENE: Summary: Toluene and xylene prices were mixed this week with mixed xylene values moving lower amid talk that participants may not come to an agreement on the settlement of the July contract. Mixed xylene values traded near the $1,200/mt mark on an FOB basis Wednesday, coming off prices near $1,280/mt in late June. The higher prices in the US attracted between 5-10kt of imports from Asia, sources said, though further details were not immediately available. US spot toluene prices held firm this week near $1,280/mt, commanding a near $120 premium to Asian prices and a roughly $80 premium to European spot values. ARRIVED: Bow Flower the vessel, carrying approximately 8,000 metric tons of toluene, arrived at the Port of Houston after setting off from Aratu, Brazil. Formosa Thirteen carrying approximately 5,600 metric tons of toluene, the vessel arrived at Corpus Christi on June 26. The vessel cast off from Fukuyama, Japan. EN ROUTE: Maritime Vanessa the vessel, said to be fixed with 5,000 metric tons of mixed xylenes, was last seen in the Sea of Japan moving west-southwest at 13.3 knots. The vessel cast off from Balboa, Panama and was slated to arrive at the Port of Ulsan on July 10. (Last signal seen at on July 8.) Copyright The Petrochemical Standard 2014 | kevin.allen@petchemstandard.com | CONTENT IS PROVIDED AS IS. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM, ACCESSING AND USING TPS DATA. Copyright The Petrochemical Standard 2014 | kevin.allen@petchemstandard.com | CONTENT IS PROVIDED AS IS. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM, ACCESSING AND USING TPS DATA. The Siteam Adventurer heard to be loaded at the US Gulf (either Houston or Baton Rouge) with 10,000 metric tons of paraxylene, was last seen moving west-northwest at 12.1 knots in the North Pacific Ocean. The vessel was expected to arrive at Ulsan on July 25 before making its way to Taiwan/China, sources said. (Last signal seen at 5:19 p.m. on July 9.) The vessel UACC Marah, loaded with 10-15,000 metric tons of PX, was last in the North Pacific Ocean moving west at 12.8 knots. The vessel, which was heard loaded in Freeport, cast off from Balboa, Panama and was slated to arrive at the Port of Yosu on July 16. (Last signal seen at 8:30 p.m. on July 9.) US Gulf to East Asia main ports: $50-54/mt. US Gulf to China main ports: $51-55/mt. US Gulf to Mumbai: $77-81mt Ulsan to US Gulf: $59-63/mt FREIGHT RATES 10,000 mt parcels Copyright The Petrochemical Standard 2014 | kevin.allen@petchemstandard.com | CONTENT IS PROVIDED AS IS. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM, ACCESSING AND USING TPS DATA. August spot DDP benzene prices were near $1,486/mt Wednesday as FOB Korea spot values were at $1,357/mt. The Korea-US spread stood at $78/mt. European benzene values were estimated at near $1,480/mt. The spot benzene prices stood slightly above the 5-day moving average of $1,541.58 and nearly $42 above the 20-day moving average at $1,501.90/mt. Spot toluene values closed stronger at $1,289/mt FOB USG while spot mixed xylene traded Wednesday at $1,203/mt. US toluene and MX values held respective premium of $130 and $43 to Asian values. US spot paraxylene values were near $1,290/mt FOB USG but trade was thin as Asian PX prices were $40-45 higher and freight costs were too high to make the arb work. European PX was discounted to US material by near $45. Margins for TDP operators were squeezed as toluene gained and MX fell. Margins were estimated at near $23/mt Wednesday. Styrene prices continued to move lower with US spot values talked near $1,637/mt FOB USG. Trade was thin as prices were still $19 higher than Asia. US prices fell below Europe by near $30 but freight rates kept the arb shut. The styrene-benzene spread stood at $91.50/mt Wednesday. Margins for styrene producers on a spot basis were in negative territory, flattened by a sizeable jump in the US benzene contract as well as gains in the ethylene contract. Margins were estimated Wednesday at -$18.74/mt. PRICING AND MARKET DYNAMICS Copyright The Petrochemical Standard 2014 | asiaeds@petchemstandard.com | CONTENT IS PROVIDED AS IS. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM, ACCESSING AND USING TPS DATA. Copyright The Petrochemical Standard 2014 | kevin.allen@petchemstandard.com | CONTENT IS PROVIDED AS IS. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM, ACCESSING AND USING TPS DATA. Copyright The Petrochemical Standard 2014 | kevin.allen@petchemstandard.com | CONTENT IS PROVIDED AS IS. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM, ACCESSING AND USING TPS DATA. -$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 $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 TDP Margins $/mt -$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 Styrene production costs Styrene spot value SM margins $/mt NOTES: ** Benzene pricing courtesy of the Petrochemical Wire Copyright The Petrochemical Standard 2014 | asiaeds@petchemstandard.com | CONTENT IS PROVIDED AS IS. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM, ACCESSING AND USING TPS DATA. Copyright The Petrochemical Standard 2014 | kevin.allen@petchemstandard.com | CONTENT IS PROVIDED AS IS. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM, ACCESSING AND USING TPS DATA. FREIGHT RATES 10,000 MT ULSAN HOUSTON: $56-60/MT HOUSTON ULSAN: $51-54/MT HOUSTON MAIN PORT FE: $52-55/MT EDITORS CONTACT DETIALS Kevin Allen Email: kevin.allen@petchemstandard.com Phone: 713.344.3690 Yahoo: tpsusaros H1 May - $1,333.50 H2 May - $1,336.38 H1 June $1,369.42 H2 June $1,527.59 H1 Jul MTD $1,539.10 US DDP SPOT BENZENE AVERAGES