Supply
Spot supply constrained as major producers prioritise ramping up newly started ethylene vinyl acetate (EVA) units. Small deal volumes slowed on underperforming adhesive applications.

EVA Demand
Demand backed by expectations of solar exports front-loaded ahead of China's export tax rebate rollback from 1 April 2026. Large orders linked to EVA production still holding up.

Gas Curtail
Non-ethylene C2-based VAM spot offers dried up as winter gas supply restrictions kicked in. A C2-based cargo was sold at increased price level for onward shipment to SE Asia.

India
Buy-sell indications rising in India's import market as supply options compromised by plant curtailments in SE Asia and Middle East. Buyer sentiment improved since Q4 on coating demand recovery.

China
Higher OX and naphthalene prices pushed PA values up. Unplanned OX-based PA plant shutdown due to feedstock shortage adds pressure. Buying interest limited as downstream users avoid inventory build ahead of Lunar New Year.

SE Asia
Prices firmed on concluded transactions with cost pressures lifting offer levels, though buyers resisted higher-end indications. China-origin material continued to anchor regional trade flows.

India
Import activity thin as higher international offers discouraged buying. Domestic PA prices rose on cost pressures, but local material remained more competitive amid moderate downstream plasticizers demand.

Outlook
Cost support persists; passing through to downstream prices but demand recovery absent. Pre-LNY expected to cap upside in China. Buying interest likely to remain selective across Asia markets.

PX Bullish
PX run rates at 91% in China after Fujia Dahua Petrochemical restart. Healthy PTA margins keeping sentiment bullish. Market participants generally bullish heading into March; majority expect downstream demand to pick up.

OX Rising
Local OX prices in China higher by CNY200/t week on week at CNY6,300/t EXWH (~$780/t CFR China). OX run rates lowered amid squeezed margins, reducing inventories. Sellers target higher prices.

Korea PX
South Korea PX exports 1–10 January were 15.6% lower than the same period prior month. GS Caltex restarting No. 3 PX unit. Hanwha Impact No. 2 TPA unit on 3-month shutdown reducing local demand.

Outlook
Supply expected to reduce with planned maintenance in Taiwan and Thailand in April–May period. PTA run rates to be maintained low to avoid build-up in February. Healthy PX-PTA spread seen in China.

SE Asia
Prices assessed marginally lower for week ending 16 January. However, some sellers concluded transactions at slightly higher levels. Elevated butane and freight costs underpin offers from Chinese suppliers.

China
Domestic MA prices eased early in the week reflecting weak downstream demand. By mid-week, producers largely maintained offers and selectively restricted sales after strong contract signings. Export discussions limited with few confirmed deals.

India
Import market stable to slightly soft. Buyers favour China-origin material via Indian rupee-denominated structures to manage foreign exchange exposure and cash-flow constraints.

Outlook
Near-term MA demand expected to remain steady to soft amid routine maintenance. Feedstock and freight costs likely to provide underlying price support. India import buyers to continue favouring China-origin supply.