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Rim Polyolefins Intelligence Daily☆RIM POLYOLEFINS INTELLIGENCE DAILY★No.4127 Sep 2 2024
Copyright(C) 2024 Rim Intelligence Co. All rights reserved.
--TOKYO, 18:30 JST Sep 2 2024 <Assessment Closing Time>RIM INTELLIGENCE

Polyolefins

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎Olefins($/MT)

Ethylene
Propylene
Butadiene

CFR N.E. Asia
880/ 900
865/ 885
1,450/1,480

CFR S.E. Asia
940/ 990
840/ 890
1,400/1,430

FOB Korea
840/ 860
835/ 855
1,440/1,470◎China Domestic(Yuan/MT)

Propylene
Propylene (Shandong)*
Butadiene
SBRBR

East China
6,800/ 6,900 - 6,800/ 7,000
12,700/12,80015,400/15,500
15,400/15,500*Shandong prices refer to ex-tank assessments in the Shandong area.
◎Polymers ($/MT)

LDPE(Film)
LLDPE(Film)
HDPE(Film)
HDPE(Yarn)
PP(Homo) - BOPP
PP(Homo) - Yarn/INJ
PP(Block Co) - INJ

CFR China
1,110/1,130930/ 950
900/ 920
900/ 920
900/ 910
890/ 900
920/ 930

CFR S.E. Asia
1,150/1,160 960/ 980
950/ 970
980/1,000
960/ 980
930/ 950
970/ 990

China Domestic*
10,300/10,400
8,250/ 8,350
8,150/ 8,200
8,150/ 8,200―
7,550/ 7,650―

USD^
1,211 +971 +956 +956 +―889 +―*Yuan/MT, ^USD calculated from China Domestic.
◎PVC and Feedstocks ($/MT)

CFR China
770/780
310/320660/670

PVC
Ethylene Dichloride
Vinylchloride Monomer

CFR India
790/800――◎Weekly & Monthly Average**

Ethylene
Propylene
Butadiene

26.Aug - 30.Aug
880/ 900
862/ 874
1,450/1,472

Aug Ave.
871/ 887
862/ 879
1,477/1,513

Ethylene
Propylene
Butadiene

840/ 860
832/ 844
1,440/1,462

Propylene
Propylene (Shandong)
Butadiene
SBR
BR

China Domestic*
6,870/ 6,950
6,983/ 7,0526,870/ 6,980
6,896/ 6,974
12,560/12,680
12,340/12,436
15,040/15,180
14,790/14,910
14,760/14,860
14,424/14,533

LDPE(Film)
LLDPE(Film)
HDPE(Film)

CFR China
26.Aug - 30.Aug
Aug Ave.
1,110/1,130
1,132/1,152930/ 950
940/ 960
900/ 920
916/ 936

26.Aug - 30.Aug
940/ 990
860/ 884
1,400/1,422

Aug Ave.
935/ 982
884/ 904
1,427/1,463

FOB Korea
840/ 855
835/ 849
1,471/1,498

CFR S.E. Asia
26.Aug - 30.Aug
Aug Ave.
1,150/1,170
1,190/1,210
964/ 984
983/1,003944/ 964
952/ 972

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RIM INTELLIGENCE

Polyolefins

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

HDPE(Yarn)
PP(Homo) - BOPP
PP(Homo) - Yarn/INJ
PP(Block Co) - INJ

900/
894/
884/
914/

920
910
900
930

916/
903/
893/
923/

936
928
918
948

974/
960/
930/
970/

994
980
950
990

982/1,002
974/ 994
944/ 964
979/ 999

China Domestic*
10,180/10,280
10,048/10,136
8,250/ 8,350
8,290/ 8,369
8,120/ 8,200
8,105/ 8,179
8,120/ 8,200
8,105/ 8,179
7,550/ 7,650
7,540/ 7,640

LDPE(Film)
LLDPE(Film)
HDPE(Film)
HDPE(Yarn)
PP(Homo) - Yarn/INJ

CFR China
PVC
Ethylene Dichloride
Vinylchloride Monomer

CFR India

776/ 786
310/ 320660/ 670

797/ 807
310/ 320660/ 670

800/ 810

839/ 849

Ethylene―-15575-232 -

Propylene
15―590-217 -

Butadiene-575-590―-807 -Naphtha
232 +217 +807 +―◎Spread/Olefins($/MT)**

Ethylene
Propylene
Butadiene
NaphthaCalculated from the price difference between each product and CFR Japan Naphtha.
◎Spread/Polyolefins & Intermediate VS Feedstocks ($/MT)**

LDPE(Film)
LLDPE(Film)
HDPE(Film)

212
95
-16

PP/Homo(BOPP)
PP/Homo(Yarn/INJ)
PP/Block Co(INJ)

30
206SM
PhenolPTA
MEG

74 -353 +61 +30 -EDC
VCM
PVC

57155
103

Calculated from the price difference between each product and its feedstock.

**These are reference prices and not price assessments.

◎OLEFINS○Ethylene
In the Asia ethylene market on Monday, CFR
Northeast Asia prices were unchanged at$880-900/mt. CFR Southeast Asia and FOB Korea
prices were stable at $940-990/mt and $840-860/mt
respectively.
In the CFR Northeast Asia spot market,
discussions for October cargoes were still not activeand trade was muted. As for facilities, Taiwan’s
Formosa Petrochemical (FPCC) postponed therestart of its No.1 naphtha cracker. The facility wasinitially expected to restart in the first half ofSeptember. Since demand for petrochemicalproducts was weak, the restart was said to bepostponed. In China, new or expanded
petrochemical facilities were starting up. Many
petrochemical products including ethylene were notprofitable.
In the Southeast Asia market, in Thailand,
PTTGC’s ethane cracker (OLE2/2) reportedly
restarted by the end of last week. As reported, thisfacility had been shut down from Aug 1 formaintenance. In Indonesia, Chandra Asri’s naphtha
cracker restarted and production of on-spec
products including ethylene was confirmed. As
reported, the facility had been shut down from theend of July due to troubles.

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RIM INTELLIGENCE

Polyolefins

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp○Propylene
In the Asia propylene market on Monday, CFR
Northeast Asia prices were unchanged at$865-885/mt. CFR Southeast Asia and FOB Korea
prices were stable at $840-890/mt and $835-885/mt
respectively.
In the CFR Northeast Asia market, firm
discussions were not heard. As the yuan wasappreciating against the dollar in the foreignexchange market, buying interest was seen fromChinese end-users for imported cargoes. But suchend-users were unwilling to raise buying ideas. InTaiwan, the restart of Formosa Petrochemical’s No.1
naphtha cracker was reportedly postponed to theend of September. The facility was initiallyscheduled to restart in the first half of September.

Apart from this, CPC’s residue fluid catalytic
cracker (RFCC) in Dalin was initially scheduled torestart on Sep 5 but this was reportedly postponedto Sep 9.
On an FOB Korea basis, in a sell tender closed by
Korea Petrochemical Ind Co (KPIC) on Aug 29, one
cargo loading October was awarded.
In Southeast Asia, several facilities that had been
shut down due to maintenance or troubles restarted
and supply for propylene was seen to be ample.
In the China domestic market, East China prices
softened Yuan 25/mt from last Friday to Yuan
6,800-6,900/mt and Shandong prices fell Yuan
50/mt to Yuan 6,800-7,000/mt due to sluggish
demand.

○Butadiene
In the Asia butadiene market on Monday, CFR
Northeast Asia prices were unchanged at$1,450-1,480/mt. CFR Southeast Asia and FOB
Korea prices were stable at $1,400-1,430/mt and$1,440-1,470/mt respectively.
In the CFR Northeast Asia market, bids and offers
were hardly heard as it was the beginning of theweek. It would be the time to conduct discussions
for October delivery but most end-users in Taiwan
and South Korea had finished buying for October.

Sellers were also not in a hurry for sales.
On an FOB Korea basis, firm discussions were notheard.
In Southeast Asia, some petrochemical makers
had available cargoes for October loading but they
were not indicating firm offers as of now.
In China, supply for butadiene was expected todecrease going forward as several butadienefacilities were scheduled to enter maintenance fromOctober onwards.

◎POLYMERSIn the polyolefin market on a CFR China basis on
Monday, polypropylene (PP) Homo Yarn/Injection(Inj) prices were unchanged at $890-900/mt andBOPP prices were stable at $900-910/mt. On an FOB
basis, a Chinese maker indicated offers at $985/mt
for PP Homo Yarn, $995/mt for PP Homo Inj and$990/mt for BOPP. According to market sources,
the maker raised offers as the yuan wasstrengthening against the dollar in the foreignexchange market recently.
In the CFR Southeast Asia market, low density
polyethylene (LDPE) Film prices decreased $5/mt

from last Friday to $1,150-1,160/mt due to weak
demand. On a CFR Vietnam basis, offers for aMiddle Eastern cargo of LDPE Film that wasre-exported from Hongkong were heard at$1,155/mt. Possible deal levels on a CFR Southeast
Asia basis were reported at $1,150-1,160/mt.
According to market sources, Vietnamese end-users
were sending buying inquiries for
Injection/Molding grade for LDPE, linear low
density polyethylene (LLDPE) and high density
polyethylene (HDPE) but buying interest for othergrades was weak.

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Polyolefins

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎PVC and RAW MATERIALS
Polyvinyl chloride (PVC) prices were unchangedat $770-780/mt on a CFR China basis and$790-800/mt on a CFR India basis. Sales
negotiations by Northeast Asian PVC makers for
September cargoes were apparently over. As PVC
makers including those in Taiwan reduced selling

prices sharply in discussions for September cargoes,profitability was pressured. Selling prices going
forward were expected to depend on sales ofChinese cargoes and it was unclear whether themarket would rebound.

◎OTHERS○Japan Domestic Naphtha Price
The Japan domestic naphtha price for the quarter July to September was forecast at Yen 76,100/kl, up Yen
700/kl from the previous week since CFR Japan naphtha prices increased and the yen depreciated against thedollar in the foreign exchange market. For the quarter October to December, the price was forecast at Yen
72,500/kl.
JAPAN DOMESTIC NAPHTHA PRICE DELIVERED BASIS
Estimated Import
Price (JPY)
Jul-Sep

76,10072,500Duty-Paid Import
Price (USD)
704.56709.24693.97702.59Quarter-on-Quarter
Ethylene Price
Change (JPY)
-5.8
-7.2

Duty-Paid Import
Price (USD)

Yen Rate
Estimation

702.59152.02694.49146.24
Estimated Import
Yen Rate Estimation
Change on Week
Price (JPY)Jul
160.0978,2731,196Aug
150.1873,9200Sep145.7870,2091,060
Jul-Sep
152.02
74,134752
Domestic price76,100700
Oct692.47
146.2470,279Nov
695.50146.2470,587Dec
695.50146.2470,587
Oct-Dec
694.49146.2470,484
Domestic price
72,500
Unit of Measurement: kiloliter (kl) Domestic Price = Japanese Yen (JPY/kl)
Change of ethylene price on quarter = JPY/kilogram (kg)Duty-paid import price = USD/mt, Yen rate estimation = JPY to USDNote:•the Japan Ministry of Finance (MOF) publishes monthly average domestic naphtha delivered prices for the previous
month at end of the current month.

•in its determination of the monthly domestic naphtha delivered price, MOF adds a JPY 2,000/kl surcharge to accountfor delivery costs to the monthly average.

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Polyolefins

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp•when available, the Rim Intelligence domestic naphtha delivered price for a quarter takes the average of the MOF
monthly average and a running average of Rim Intelligence daily CFR Japan naphtha assessments plus the MOF JPY
2,000/kl surcharge.

•

when not available, the Rim domestic naphtha delivered price for a quarter is the running average of Rim Intelligencedaily CFR Japan naphtha assessments plus the MOF JPY 2,000/kl surcharge.

◎Market News
○ENEOS resumes Kawasaki No.3 and Oita CDU
Japan's largest refiner ENEOS resumed the 77,000barrels-per-day No.3 crude distillation unit at its
Kawasaki refinery and the 136,000b/d Oita refinery after turnaround, a company spokesperson told RimIntelligence. The Kawasaki No.3 had been shut down on Mar 22 and restarted on Aug 29 as scheduled which
was initially planned in late August. The Oita CDU had been shut down on May 13 and restarted on Sep 1.
The CDU had initially been scheduled to be resumed in late August, but was postponed due to the typhoon.

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