AROMATICS TRADE FLOW REPORT VOLUME 2, ISSUE 31 – AUGUST 4, 2015

BENZENE

US M1 benzene prices plummeted on the week as crude prices fell, falling $79

on the week to finish Monday at $771/mt DDP HTC. October spot values were

estimated at near $753.50/mt DDP HTC Monday, down near $62 on the week.

FOB Korea benzene prices also fell sharply, down $63 to close at $701/mt

Tuesday. In Europe, August spot benzene values fell to a lesser degree, closing

Monday at $830/mt CIF ARA. The FOB Korea-Oct DDP HTC arb was pegged at -

$21.50/mt Monday while the CIF ARA-DDP HTC arb was estimated at -$129/mt.

Benzene fixtures:

Regional spot benzene spreads:

HIIGHLIGHTS:

US M2 SPOT BENZENE PRICES

DECLINE SHARPLY ON THE

WEEK.

ASIA-USGC BENZENE ARB IN

NEGATIVE TERRITORY AT -

$21.50/MT.

KOREAN EXPORTS TO THE US

DURING THE MONTH OF JULY

WERE ESTIMATED AT JUST

UNDER 60,000 MT. KOREAN

EXPORTS TO TAIWAN WERE

ESTIMATED AT NEAR 92,000 MT.

EUROPEAN BENZENE

REMAINED THE HIGHEST

GLOBALLY.

US SPOT STYRENE PRICES FELL

IN CONCERT WITH BENZENE

AMID THIN DEMAND.

THE US M1 SPOT STYRENE-

BENZENE WIDENS TO $389/MT.

US SPOT TOLUENE PRICES FALL

SHARPLY BUT REMAIN WELL

ABOVE ASIAN VALUES.

M1 US SPOT BENZENE-TOLUENE

SPREAD FALLS TO -$67/MT.

US SPOT MX PRICES TUMBLE,

FALLING $45 WHILE US SPOT PX

SHEDS $40/MT ON THE WEEK.

THE SPOT PX-MX SPREAD

ESTIMATED AT NEAR $56.75/MT

Benzene

Qty Load Discharge Laycan Ship

9,000 Korea USGC H1 Jul Stolt Sun

9,000 Korea USGC H1 Jul Ginga Cougar

6,000 Korea USGC Mid July Formosa 28

6,000 Korea Houston H2 July Siteam Explorer

3,000 Brazil USGC H2 Jul N/A

9,000 Korea USGC H2 Jul Ardmore Defender

9,000 Korea USGC Mid July Ginga Tiger

9,000 Korea USGC H1 Aug Selje

27,000 Korea USGC Mid August MOL tonnage

-$80.00-$60.00-$40.00-$20.00$0.00$20.00$40.00$60.00

$400.00

$500.00

$600.00

$700.00

$800.00

$900.00

$1,000.00

12

-Ju

n-1

5

16

-Ju

n-1

5

18

-Ju

n-1

5

22

-Ju

n-1

5

24

-Ju

n-1

5

26

-Ju

n-1

5

30

-Ju

n-1

5

2-J

ul-

15

6-J

ul-

15

8-J

ul-

15

10

-Ju

l-1

5

14

-Ju

l-1

5

16

-Ju

l-1

5

20

-Ju

l-1

5

22

-Ju

l-1

5

24

-Ju

l-1

5

28

-Ju

l-1

5

30

-Ju

l-1

5

3-A

ug-

15

SPREAD OCT BENZENE DDP HTC TPS BZ FOB KOREA MARKER

-$140.00

-$120.00

-$100.00

-$80.00

-$60.00

-$40.00

-$20.00

$0.00

$400.00

$500.00

$600.00

$700.00

$800.00

$900.00

$1,000.00

6/1

/15

6/3

/15

6/5

/15

6/9

/15

6/1

1/1

56

/15

/15

6/1

7/1

56

/19

/15

6/2

3/1

56

/25

/15

6/2

9/1

57

/1/1

57

/3/1

57

/7/1

57

/9/1

57

/13

/15

7/1

5/1

57

/17

/15

7/2

1/1

57

/23

/15

7/2

7/1

57

/29

/15

7/3

1/1

5

SPREAD EUROPEAN M1 (AUGUST) BZ CIF ARA M2 (SEPTEMBER) BZ DDP HTC

STYRENE, TOLUENE & XYLENES

Styrene

Qty Load Discharge Laycan Ship

5,000 USGC ARA H2 Jul Chembulk Houston 5,000 USGC ARA H1 Aug N/A 5,000 USGC ARA H1 Aug ChemBulk New York* 5,000 USGC ARA H2 Aug Chembulk Shanghai 5,000 USGC FE H2 Aug Navig8 Aquamarine

PX

Qty Load Discharge Landed/Loading Ship

5,000 Netherlands USEC H1 July Stolt Perseverance

10,000 Netherlands USEC H1 July Bow Sagami

5,000 Brazil USEC H2 July Moyra

5,000 Netherlands USEC H2 July Bow Architect

20,000 Jubail USEC H2 July Ardmore Cherokee

5,000 Haifa USEC H2 July Chemical Mariner

10,000 Korea USEC H2 Aug Bow Hector

Toluene

Qty Load Discharge Landed/Loading Ship

1,400 Colombia USGC H1 Jul Nordic Ann

5,000 China Kalama H1 Jul Lime Galaxy

3,000 Spain USGC H1 Jul Chemical Luna

2,500 Spain USGC H2 July Bow Cedar

4,000 Korea USWC H2 July Ginga Tiger

3,000 Italy USGC Loading H2 Jul Samus Swan

FREIGHT RATES

Loading Discharge 5,000 MT 10,000 MT

USGC MP Far East $62.00 $58.00

USGC MP China $67.00 $63.00

USGC ARA $62.00 $57.00

Ulsan US Gulf Coast $63.00 $60.00

ARA US Gulf Coast $44.00 $39.00

US August spot styrene values fell

sharply on the week, pressured by

lower feedstock benzene and falling

prices in other regions. August spot

values fell $50 on the week to finish

Monday at $1,160/mt FOB USG.

September European styrene were

markedly lower Monday, talked near

$1,240/mt FOB NWE. Declines were

sharper in the FE with September

CFR China styrene prices down to

$1,135/mt.

The FOB USG-M2 FOB NWE spread

was estimated at $29 before costs

while the FOB USG-M2 CFR China

closed at -$67/mt as of close of

business Monday.

The US M1 spot styrene-benzene

spread widened on the week, closing

Monday at $389/mt.

US M1 spot mixed xylene prices fell

as demand waned, shedding $45 to

close Monday at $823.25/mt FOB

USG, roughly $135/mt above the

TPS FOB Korea marker.

Downstream PX fell in concert,

down $40 to be assessed at

$880/mt FOB USG. The M1 spot

PX-MX spread was estimated

Monday at $56.75/mt.

US spot toluene was down roughly

$58 on the week to close at

$835/mt FOB USG Monday. US

prices held a near $216.50

premium to the Asian TPS toluene

marker.

-$200.00

-$150.00

-$100.00

-$50.00

$0.00

$0.00

$200.00

$400.00

$600.00

$800.00

$1,000.00

SPREAD US M1 (AUGUST) SPOT BZ DDP HTC US JULY SPOT TOLUENE FOB USG