- China's exports likely to rise- Local/CFR China spreads
lowest since Aug 2022



Asian butadiene was stable on Feb. 22, as
the thin price discussions continued. As the recent price discussions have been
ongoing, buyers were watching from the sidelines. A spike in Asian butadiene reduced downstream production margins. Spot
supply was also limited due to lower steam cracker operations within Asia. According
to market sources, Asian steam crackers will continue to lower operations
because olefins margins, notably ethylene, remained negative. The local
China butadiene prices were stable at Yuan 9,500/mt February 22, or
$1,198/mt based on import parity. The spread in price between CFR
China and local China was minus $41.28/mt February 22, which is the lowest
price since Aug. 11, 2022 when it was minus $53.27/mt. The spread
in price between naphtha and butadiene was calculated to $518.50/mt
February 22,...