Aromatics prices in Asia slide by up to 6.6% amid weakness upstream

Asian aromatics prices sank up to 6.6% last week on troubles in the global economy and bearish sentiment in demand for the products, as per Platts. The unusually severe declines were attributed to macroeconomic conditions and poor market sentiment. Asian isomer-grade mixed xylenes led prices falls, tumbling US$83.50/mt or 6.6% week on week to be assessed at a 23-week low of US$1177.50/mt FOB Korea last Friday. Toluene was next, with its FOB Korea marker sliding 4.1% or US$50/mt to US$1162/mt over the same period, followed by styrene monomer, which sank US$54/mt or 3.6% week on week Friday to US$1432/mt FOB Korea. These declines outpaced the fall in crude -- front month ICE Brent futures fell 3.2% in the week.
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