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Rim Petrochemicals Intelligence Daily☆RIM PETROCHEMICALS 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

Petrochemicals

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◎Aromatics($/MT)○-Physical and Forward Prices
INDEX○-Benzene
FOB Korea-1,007/1,009FOB East Japan-1,010/1,012FOB West Japan-1,015/1,017CFR Japan-1,028/1,030China Domestic*-8,620/8,660China Domestic^
1,055^○-Styrene Monomer
FOB Korea-1,140/1,155CFR China-1,130/1,145China Domestic*-9,540/9,560China Domestic^
1,167^

H2 SepH1 OctH2 OctH1 Nov―
1,005/1,007
1,010/1,012
1,023/1,025

1,015/1,017
1,010/1,012
1,015/1,017
1,028/1,030

1,015/1,017
1,010/1,012
1,015/1,017
1,028/1,030

999/1,001―――

1,165/1,175
1,155/1,165

1,140/1,155
1,130/1,145

1,140/1,155
1,130/1,145――○-Toluene
FOB Korea-

768/ 770-

―

768/

770

768/

770

768/

770

○-Iso MX
FOB Korea
CFR Taiwan-

776/ 778790/ 792-

―
―

776/
790/

778
792

776/
790/

778
792

776/
790/

778
792

○-PX
FOB Korea
CFR N.E.Asia-872/ 876892/ 896-

―
―

869/
889/

873
893

869/
889/

873
893

874/
894/

878
898

*Yuan/mt, ^$/mt, calculated from China Domestic.
◎Olefins($/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
SBR
BR

East China
6,800/ 6,900 - 6,800/ 7,000
12,700/12,800
15,400/15,500
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―*Yuan/MT, ^USD calculated from China Domestic.

Rim reports are copyrighted publications.

USD^
1,211 +
971 +
956 +
956 +
―
889 +
―

RIM INTELLIGENCE

Petrochemicals

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 Feedstocks ($/MT)

CFR China
770/780
310/320660/670

PVC
Ethylene Dichloride
Vinylchloride Monomer

CFR India
790/800――◎Intermediates($/MT)

Phenol (CFR NEA)
Bisphenol-A (CFR China)
Acrylonitrile (CFR NEA)
Caprolactam (CFR NEA)

1,000/1,050
1,280/1,320
1,130/1,170
1,700/1,750◎PET and Feedstocks ($/MT)

PTA (CFR China)
Monoethylene Glycol (CFR China)
PET(Bottle, FOB NEA)

- 650/670 - 563/565 925/975

China Domestic^- 5,080/5,130 - 4,770/4,780 ―^Yuan/MT.
◎Weekly & Monthly Average**

26.Aug - 30.Aug

Aug Ave.

○-Benzene
FOB Korea
FOB E-Japan
FOB W-JapanCFR Japan
China Domestic*

1,008/1,010
1,009/1,011
1,014/1,016
1,027/1,029
8,520/8,570

999/1,001
1,003/1,005
1,008/1,010
1,021/1,023
8,474/8,522○-Styrene Monomer
FOB Korea
CFR China
China Domestic*

1,144/1,156
1,134/1,146
9,516/9,536

1,134/1,149
1,124/1,139
9,508/9,527○-Toluene
FOB Korea

818/ 820

846/ 848○-Iso MX
FOB Korea
CFR Taiwan

806/ 808
820/ 822

828/ 830
842/ 844○-PX
FOB Korea
CFR N.E.Asia912/ 914
932/ 934

937/ 939
957/ 959

Ethylene
Propylene
Butadiene

CFR N.E. Asia
880/ 900
871/ 887
862/ 874
862/ 879
1,450/1,472
1,477/1,513

Ethylene
Propylene
Butadiene

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

26.Aug - 30.Aug

Aug Ave.

CFR S.E. Asia
940/ 990
935/ 982
860/ 884
884/ 904
1,400/1,422
1,427/1,463

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

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Petrochemicals

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
Propylene (Shandong)
Butadiene
SBR
BR

China Domestic*
6,870/ 6,950
6,983/ 7,052
6,870/ 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)
HDPE(Yarn)
PP(Homo) - BOPP
PP(Homo) - Yarn/INJ
PP(Block Co) - INJ

CFR China
26.Aug - 30.Aug
Aug Ave.
1,110/1,130
1,132/1,152930/ 950
940/ 960
900/ 920
916/ 936
900/ 920
916/ 936
894/ 910
903/ 928
884/ 900
893/ 918
914/ 930
923/ 948

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

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

CFR S.E. Asia
26.Aug - 30.Aug
Aug Ave.
1,150/1,170
1,190/1,210
964/ 984
983/1,003
944/ 964
952/ 972
974/ 994
982/1,002
960/ 980
974/ 994
930/ 950
944/ 964
970/ 990
979/ 999

CFR China

CFR India

PVC
Ethylene Dichloride
Vinylchloride Monomer

776/ 786
310/ 320660/ 670

797/ 807
310/ 320660/ 670

Phenol (CFR NEA)
Bisphenol-A
Acrylonitrile (CFR NEA)
Caprolactam (CFR NEA)

1,000/1,050
1,280/1,320
1,130/1,170
1,700/1,750

1,000/1,050
1,280/1,320
1,130/1,170
1,700/1,750
CFR China

PTA
Monoethylene Glycol
PET(Bottle, FOB NEA)

674/ 694
563/ 565
925/ 975

695/ 715
549/ 551
925/ 975

800/ 810

839/ 849

China Domestic*
5,322/5,372
5,478/5,504
4,762/4,772
4,647/4,659◎Contract Prices**Jul
1,065 177,900 +385 1,151 -Bz

ACP(CFR NEA,$/mt)
Yen/mt conversion
Bz USCP(FOB USGC,cts/gal)$/mt conversion
PX ACP (CFR NEA,$mt)

Aug
1,020 161,400 380 1,136 -Sep
1,045 +
156,800 361 1,079 -Bz ACP is released by JX. Bz USCP and PX ACP are agreed prices between makers and end-users.
◎Feedstocks**

Naphtha CFR Japan($/mt)
Yen/kl conversion

Index- 656.75/660.25 66,928 -Naphtha CFR Japan prices are from Products reports

Jan-Mar 24

Apr-Jun 24

Rim reports are copyrighted publications.

Jul-Sep (Implied)

RIM INTELLIGENCE

Petrochemicals

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

Naphtha Domestic CP(Yen/kl)

72,50079,00076,100 +Calculated from statistics from Ministry of Finance of Japan.
Forecasts calculated based on Naphtha CFR Japan prices.

Propane660.00 -72 +RIM Asia Index ($/MT)
China PDH Margin ($/mt)

Butane650.00 -RIM Asia Index are from LPG report.
PDH Margin calculated based on CFR China propane and CFR NEA propylene prices.
◎Reference Prices ($/MT)**Oct
81,000112,500

Japan Mogas-Tocom(Yen/kl)
Yen/mt conversion

Nov
81,000112,500

Dec
81,000112,500

Japan Mogas-Tocom prices are settlement prices for each month from TOCOM.

Japan Mogas-RIM(Yen/kl)
Yen/mt conversion

East
79,000/80,000
110,417West
79,000/80,000
110,417WTI(Oct)
73.12 557 -Brent(Oct)76.40 578 -Japan Mogas-RIM prices are from Japan Products report.

Tokyo Spot Crude($/bbl) / Sep02 16:00$/mt conversion

Paper Dubai(Sep)
75.78 549 -Tokyo Spot Crude WTI, Brent and Paper Dubai prices are from Crude/Condensate report.

Nymex WTI(Oct)73.55 561 -Crude Futures Settlement($/bbl)/ Aug30$/mt conversion

ICE Brent(Oct)78.80 596 -Crude Futures settlement prices are settlement prices from Nymex and ICE.

Yen/$, TTM
146.24 +Exchange rate

Yuan/$
7.1027 -◎Spread/Aromatics($/MT)**

BZ―-239 -231 140 -135 -350 -BenzeneToluene
ISO MXSM
P-Xylene
Naphtha

TL
239 +
―
8 +
379 +
105 +
-111 +

MX
231 +
-8 ―
371 +
97 -119 +SM-140 +-379 -371 ―-274 -489 -

PX
135 +
-105 -97 +274 +―-215 +Nap
350 +111 119 489 +215 ―Calculated from the price difference between each product and its feedstock.
◎Spread/Olefins($/MT)**

Ethylene―-15575-232 -

Ethylene
Propylene
Butadiene
NaphthaPropylene
15―590-217 -

Butadiene
-575
-590
―
-807 -

Naphtha
232 +
217 +
807 +
―

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

LDPE(Film)
LLDPE(Film)

212
95

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

30
20

SM
PhenolRim reports are copyrighted publications.

74 -353 +

EDC
VCM

57
155

RIM INTELLIGENCE

Petrochemicals

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(Film)-16

PP/Block Co(INJ)

6

PTA
MEG

61 +
30 -

PVC

103

Calculated from the price difference between each product and its feedstock.
◎Spread/Aromatics vs Naphtha & WTI & Gasoline**

BZ FOB Korea ($/MT)
Yen/mtTL FOB Korea ($/MT)
Yen/mtMX FOB Korea ($/MT)
Yen/mtNaphtha350 +51,111 +111 16,160 119 17,329 -Nymex WTI
447 +65,417 +208 30,466 216 31,636 -Mogas-Tocom
239
34,910 +-41 8 1,128 -JPN Mogas-RIM
253
36,993 +14 2,042 22 3,212 -Calculated from the price difference between each product and CFR Japan Naphtha, Nymex WTI, Mogas-tocom and Japan Mogas-RIM.

**These are reference prices and not price assessments.

◎TRANSACTIONS

Oct
Oct

PX
CFR NEA
CFR NEA

889
893◎AROMATICS○Benzene
Benzene prices on an FOB Korea basis for first-halfand second-half October were unchanged at$1,015-1,017/mt. For first-half November, prices
were at $999-1,001/mt. Offers for November
loading were indicated at $1,001/mt. For Octoberloading, possible deal levels were reported ataround $1,016/mt. China domestic prices softened
Yuan 35/mt from last Friday to Yuan
8,620-8,660/mt owing to a fall in derivative styrene
monomer prices in the domestic market. In spot
trade, discussion levels were at Yuan
8,620-8,660/mt.

○Styrene Monomer
In the styrene monomer (SM) market on Monday,
FOB Korea prices were unchanged at$1,165-1,175/mt for second-half September loading
and $1,140-1,155/mt for first-half and second-halfOctober loading. CFR China prices were stable at$1,155-1,165/mt for second-half September delivery
and $1,130-1,145/mt for first-half and second-halfOctober delivery. China domestic prices softened
Yuan 70/mt to Yuan 9,540-9,560/mt since futures
prices for SM were bearish on the DalianCommodity Exchange in China. In the China
domestic spot market, discussions took place atYuan 9,540-9,560/mt.

○Toluene
Toluene prices on an FOB Korea basis for first-halfand second-half October loading fell $50/mt fromlast Friday to $768-770/mt due to a decrease inbenchmark feedstock naphtha prices and worsening

demand. For first-half November loading, prices
were at $768-770/mt. For October loading, offers
were indicated at $770/mt.

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Petrochemicals

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○Mixed Xylene
Isomer grade mixed xylene (MX) prices forfirst-half and second-half October decreased $30/mt
from last Friday to $776-778/mt on an FOB Korea
basis and $790-792/mt on a CFR Taiwan basis,pressured by a sharp fall in derivative paraxylene(PX) prices. For first-half November, prices were at$776-778/mt on an FOB Korea basis and$790-792/mt on a CFR Taiwan basis. On an FOB
Korea basis for October loading, offers wereindicated at $778/mt.

○Paraxylene
Paraxylene (PX) prices for first-half andsecond-half October dropped $38/mt from last
Friday to $889-893/mt on a CFR Northeast Asia
basis and $869-873/mt on an FOB Korea basis as
futures prices for PX and purified terephthalic acid
(PTA) fell sharply on the Zhengzhou Commodity
Exchange in China. For first-half November, prices

were at $894-898/mt on a CFR Northeast Asia basis
and $874-878/mt on an FOB Korea basis. On a CFR
Northeast Asia basis for October delivery, delas
were concluded at $889/mt and $893/mt. For
November delivery, possible deal levels werereported at $894-898/mt.

◎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 active
and trade was muted. As for facilities, Taiwan’s
Formosa Petrochemical (FPCC) postponed therestart of its No.1 naphtha cracker. The facility was
initially expected to restart in the first half ofSeptember. Since demand for petrochemical
products was weak, the restart was said to be

postponed. 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.

○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 from
Chinese end-users for imported cargoes. But suchend-users were unwilling to raise buying ideas. In

Taiwan, 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 postponed
to 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.

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Petrochemicals

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

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 from
October 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 and
BOPP 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 was
strengthening 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 a
Middle Eastern cargo of LDPE Film that was
re-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.

◎PVC and RAW MATERIALS
Polyvinyl chloride (PVC) prices were unchanged
at $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.

◎PET and RAW MATERIALS○Purified Terephthalic Acid / Monoethylene Glycol
Purified terephthalic acid (PTA) prices on a CFR
China basis decreased $20/mt from last Friday to$650-670/mt and China domestic prices dropped
Yuan 220/mt to Yuan 5,080-5,130/mt due to a sharp

fall in crude prices. Discussion levels for PTA were
heard at $650-670/mt on a CFR China basis andYuan 5,080-5,130/mt in the China domestic market.
Ethylene glycol (EG) prices on a CFR China basis

Rim reports are copyrighted publications.

RIM INTELLIGENCE

Petrochemicals

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

decreased $5/mt from last Friday to $563-565/mt
and China domestic prices shed Yuan 30/mt toYuan 4,770-4,780/mt as futures prices for EG

softened. Discussion levels for spot cargoes were at$563-565/mt on a CFR China basis and Yuan
4,770-4,780/mt in the China domestic market.

◎OTHERS○Naphtha
Open-spec naphtha benchmark prices in Japan (Japan quotations) were in the range of $656.75-660.25/mt.
In Brent crude oil futures trades on the Intercontinental Exchange (ICE) early in the evening in Asia, the Nov
contract was at $76.81/bbl, down $2.44/bbl from last Friday. Open-spec naphtha prices for H2 Oct arrival
were at $661.25-661.75/mt. Prices for H1 Nov and H2 Nov arrivals were at $659.75-660.25/mt and$656.75-657.25/mt, respectively. Prices for light grade naphtha price for H2 Oct arrival were at$661.25-661.75/mt and prices for heavy grade naphtha for H2 Oct arrival were at $723.25-723.75/mt.
On a timing spread, an H2 Oct/H2 Nov spread was in backwardation of $4.50/mt. A Nov Brent/H1 Nov
naphtha spread was at $84.00/mt in favor of naphtha.
Early in the evening in Asia, Oct NWE naphtha prices were at $634.50-636.50/mt. Prices for Nov and Dec
were at $628.50-630.50/mt and $621.75-623.75/mt. An H1 Nov Asia/Oct NWE spread was at $25.00/mt infavor of Asia.
○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 the
dollar 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
Oct692.47146.2470,279Nov
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 USD

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RIM INTELLIGENCE

Petrochemicals

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

Note:
•

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.

•

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.

○Liquefied Petroleum Gas
In the CFR Far East market on Monday, prices retreated since crude oil prices went down and supply wasincreasing.
CFR Japan
Propane and butane prices for first-half October delivery declined $12/mt from last Friday to $655-657/mt
and $645-647/mt respectively. Relative to the October CP, propane and butane prices were down $2/mt to apremium of $51-53/mt.
Propane and butane prices for second-half October delivery moved down $12/mt from last Friday to$654-656/mt and $644-646/mt respectively. Relative to the October CP, propane and butane prices went
down $2/mt to a premium of $50-52/mt.
Propane and butane prices for first-half November delivery were assessed at $654-656/mt and $644-646/mt
respectively. Relative to the November CP, propane and butane prices were at $48-50/mt.
○US Summary
WTI crude futures on the NYMEX retreated on Friday. The October contract ended at $73.55, down $2.36
from the previous day. The contract was $1.28 lower than early in the week.
Crude futures were under downward pressure as the Organization of the Petroleum Exporting Countries(OPEC) and non-OPEC, or OPEC plus, would start raising production. OPEC plus had said it would phaseout the current voluntary production cuts of 2.20 mil barrels per day (b/d) from October. OPEC plus in theministerial meeting on June 2 decided to extend the voluntary production cuts until the end of September
while it agreed to narrow the scale of production cuts gradually. In addition, the dollar advanced against
major currencies such as the euro, due to the result of US Personal Consumption Expenditures (PCE) in Julythat was released on Friday. The strong dollar made dollar-based crude futures slightly expensive, which
also weighed on the crude futures market.
North Sea Brent futures on the ICE slipped. The October contract was down $1.14 from the previous day at$78.80. The contract was 22cts lower than early in the week.
The October natural gas contract on NYMEX closed at $2.127 per million British thermal units (mmBtu) on
Friday, down 1.0cts from the previous day. Prices fell on the decline in the crude oil market.
The October WTI contract was at $73.48/bbl as of 17:00 Tokyo time on Monday, down 7cts/bbl from theclosing price on the previous day.

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RIM INTELLIGENCE

Petrochemicals

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

In the US benzene market on a Delivered Duty Paid (DDP) basis on last Friday for September delivery,
offers were at 352cts/gallon. For October delivery, bids were at 347cts/gallon and offers were at
354cts/gallon. In the Europe benzene market on a CIF Amsterdam, Rotterdam, Antwerp (ARA) for
September delivery, bids were at $980/mt and offers were at $1,015/mt For October delivery, bids were at$965/mt and offers were at $1,015/mt.
◎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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