1) August benzene prices were higher on the week but declined on Thursday, closing near $1,522/mt in the US while the FOB Korea price fell to $1,367.50/mt. 2) Spot toluene and mixed xylene prices fell sharply over the week, with toluene closing at $1,255.50/mt and mixed xylene at $1,185/mt in the US. 3) US paraxylene prices gained earlier in the week due to tight Asian supply but scaled back to near $1,350/mt on Thursday, remaining below Asian values but above European prices.

1. BENZENE/PYGAS:
Summary: Benzene imports into the US continued to lull this week as styrene exports appeared to hold steady. The
spread between FOB Korea and USG M2 DDP prices widened on the week following a spike in spot benzene prices in the
US. July US DDP spot prices closed Wednesday at near $1,560.50/mt while August was slightly discounted to July by
roughly $8. European benzene values closed Wednesday on either side of $1,525/mt while the TPS Asian benzene
marker was at $1,367.50/mt FOB Korea Thursday.
ARRIVED
FSL New York – arrived at the Port of Baton Rouge on July 19 carrying roughly 7,100 metric tons of benzene. The vessel
cast off from the Terneuzen, Netherlands on June 26.
EN ROUTE:
The vessel Intrepid Seahawk, said to be loaded with 12,000 metric tons of benzene, was last seen headed west-
southwest-at 12.9 knots just west of the Florida coast. The vessel cast off from the Port of Yanbu on June 30 and was
destined for the SW Pass in the US Gulf with an ETA of July 28. (Last update seen at 1:17 a.m on July 24.)
The vessel Celsius Mayfair, reportedly fixed with 8,000 metric tons of benzene, was last seen moving north-northwest at
11.6 knots in the Caribbean Sea. The vessel , loaded in Aratu, was expected to make its way to the Houston with an ETA
of July 30. (Last update seen at 11:20 a.m. on July 24.)
BENZENE
Qty Load Discharge Laycan Tonnage Ship
9,000 Brazil USG H2 Jul Maersk MT Carla Maersk
8,000 Brazil USG H2 Jul Odjfell Celsius Mayfair
12,000 Yanbu Houston End-Jun Intrepid Intrepid Seahawk
16,000 Rotterdam Houston End-Jun Eitzen Sichem Hawk
5,000 Ternuezen Houston H2 Jun Nordic NA
6-10,000 Rotterdam Houston H1 Jun Odjfell Bow Chain
8,000 BZ/6,000 Pygas Korea-Japan USGC H2 Jul Whitefin Tintomara
9,000 mt Korea USGC H1 Aug AOT Formosa 29
AROMATICS TRADE FLOW REPORT July 24, 2014
Vol 1, Issue 10
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CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM,
ACCESSING AND USING TPS DATA.

2. The vessel Sichem Hawk, heard to be loaded with 16,000 metric tons of benzene, was last seen moving west-southwest
headed toward the Caribbean islands, traveling at 13.6 knots. The vessel was headed toward the Port of Houston with
an ETA of July 29. (Last update seen at 12:31 a.m. on July 23.)
The vessel MT Carla Maersk, expected to load 9,000 metric tons of benzene, was last seen moored at the Port of Santos.
The vessel was expected to load sometime in H2 July and then make its way to the US Gulf. (Last update seen at 11:32
a.m. on July 24.)
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CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM,
ACCESSING AND USING TPS DATA.

3. The vessel Tintomara, heard to be loaded with 8,000 metric tons of benzene and 6,000 metric tons of pygas, was
expected to load in H2 July from either Korea or Japan. The vessel, last seen headed north-northeast at 12.3 knots
toward Taiwan, was said to be destined for the US Gulf Coast. (Last update seen at 12:36 a.m. on July 23.)
The vessel FPMC 29, heard to be loading 9,000 metric tons of benzene sometime in H1 Aug, was last seen in the Korean
Strait moving north-northwest at 6.3 knots. The vessel was destined for Ulsan and was expected to then make its way to
the US Gulf, sources said. (Last updated seen 4:55 a.m. on July 24.)
STYRENE: Trade activity in the styrene markets picked up this week as sellers seemed keen to fix spot parcels. Activity
was somewhat hampered in recent week as US spot prices were too high to move material, sources said. Prices however
began to decline and US spot values were down nearly $40 to just under $1,600/mt FOB USG Wednesday. European SM
values for August were near $1,665/mt while August CFR China styrene prices were near $1,657/mt.
STYRENE
Qty Load Discharge Laycan Vessel
5,000 USG ARA end-Jul Chem Hydra
5,000 USG ARA H1-Jul SNR
5,000 USG Med end-Jul Chem Leo
11,000 Houston ARA end-Jul Trans Iberia
4,000 Houston Koper H1-Jul Chemical Master
3,000 Houston Barcelona mid-Jul Mid Nature
5,000 Lake Charles ARA H1-Jul Stolt Inspiration
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4. The vessel Mid Nature, heard to be loaded with 3,000 metric tons of styrene, was last seen moving east-northeast in the
North Atlantic Ocean, traveling at 14.6 knots. The vessel set off from Houston/Baton Rouge on July 17 and was slated to
arrive in Barcelona on August 2. (Last update seen at 11:30 a.m. on July 24.)
The vessel Stolt Inspiration, said to be loaded with 5,000 metric tons of styrene, was last seen in the Gulf of Mexico
moving south at 7.9 knots. The vessel was destined for Europe/ARA, sources said. Further details were unavailable. (Last
update seen at 11:39 p.m. on July 23.)
The vessel Bum Shin, loaded with 9,000 metric tons of styrene, was last seen east of the coast of Portugal, moving east-
southeast at 1 knot. After casting off from Point Comfort, the vessel was expected to make its way to the Mediterranean
and arriving at Gebze. (Last update seen 10:46 a.m. on July 24.)
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ACCESSING AND USING TPS DATA.

5. The vessel FPMC 30, loaded with 6,000 metric tons of styrene, was last seen off the coast of Mexico moving north-
northwest at 12.1 knots. The vessel was slated to arrive at Yeosu on August 17 and then make its way to Taiwan, sources
said. (Last update seen at 1:14 p.m. on July 24.)
The vessel, Chembulk New York, carrying roughly 8,200 metric tons of styrene for two different parties, was
last seen moored at Antwerp. The vessel left Houston on July 2 and stopped at Le Havre prior to moving on to
Antwerp, where it arrived on July 22.
The vessel Chemical Master, loaded with two 4,000 metric tons, was last seen in the North Atlantic Ocean traveling east
at 13.5 knots. The vessel was slated to arrive in Algeciras on August 4 before moving on to Koper. (Last update seen at
12:04 p.m. on July 24.)
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CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM,
ACCESSING AND USING TPS DATA.

6. TOLUENE AND XYLENES
Summary: Toluene and xylene prices moved lower this week, with spot mixed xylenes falling near $20 week on week.
PX values gained ground on tightness in Asia and touched as high as $1,370/mt FOB USG before scaling back to
$1,345/mt Thursday. Spot toluene prices also fell as buyers and sellers were at odds on pricing. July toluene was down
near $20/mt as well on the week.
The Chembulk Lindy Alice, expected to load 10,000 metric tons of PX, was last seen moored at Houston. The vessel was
slated to load in mid-July and make its way from Houston to China. (Last signal seen 2:04 p.m. on July 24.)
The vessel, Stolt Basuto, loaded with 10,000 metric tons of paraxylene, was last seen in the Caribbean Sea moving east-
southeast at 13.7 knots. The vessel departed from Port Arthur and was slated to arrive in Suape on August 2. (Last
update seen at 2:07 p.m. on July 24.)
PX
Qty Load Discharge Laycan Ship
10,000 Baytown China H1 June Siteam Adventurer
10,000 Houston Mai Liao mid-Jul Chembulk Lindy Alice
10-15,000 USG FE Asia H1 June UACC Marah
10,000 Houston Suape mid-Jul Basuto
MX
5,000 Houston FE Asia H1 July Ivy Galaxy
5,000 Houston Mai Liao H1 June Maritime Vanessa
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CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM,
ACCESSING AND USING TPS DATA.

7.  August spot DDP benzene prices were higher
on the week but declined on the day Thursday,
closing at near $1,522/mt. FOB Korea spot
values fell $13 Thursday at $1,367.50 /mt. The
Korea-US spread stood at $96.50/mt. August
European benzene values were estimated at
near $1,480/mt.
 July spot benzene prices stood roughly $30
above the 5-day moving average of $1,525 and
nearly $28.50 above the 20-day moving
average at $1,526.25/mt.
 Spot toluene values fell sharply on the week,
closing at $1,255.50/mt FOB USG, a week on
week decline of $24.50. Spot mixed xylene
also fell on the week, closing Thursday at
$1,185/mt. US MX values held a discount
$31.50 to Asian MX while US toluene was
nearly $76.50 higher than Asian toluene.
 US spot paraxylene values moved higher on
gains in Asia but scaled back Thursday, closing
at near $1,350/mt. After a series of gains
driven by tight supply, Asian prices fell $45
Thursday, closing at $1,407.50/mt. US PX
values were nearly $57/mt below Asia but
were nearly $60 above August PX values in
Europe.
 Margins for TDP operators flipped back into
positive territory and were estimated at
$43.90/mt Thursday, up over $42 on the week.
 Styrene prices moved lower on the week,
down $34/mt to close Thursday at $1,604/mt.
US spot values were nearly $37 below FOB
Korea prices and $53/mt below CFR China
values. US prices were at a $61 discount to
European spot prices.
 The styrene-benzene spread narrowed sharply
on the week, falling $106 to close Thursday at
near $49/mt. Margins for styrene producers
on a spot basis remained in negative territory,
estimated at just under -$52/mt Thursday.
PRICING AND MARKET DYNAMICS
-$40.00
-$20.00
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
$160.00
$180.00
$600.00
$800.00
$1,000.00
$1,200.00
$1,400.00
$1,600.00
$1,800.00
3-Mar-14
10-Mar-14
17-Mar-14
24-Mar-14
31-Mar-14
7-Apr-14
14-Apr-14
22-Apr-14
29-Apr-14
7-May-14
15-May-14
22-May-14
30-May-14
6-Jun-14
13-Jun-14
20-Jun-14
27-Jun-14
7-Jul-14
14-Jul-14
21-Jul-14
US BZ DDP M2 BZ FOB KOREA SPREAD
300.00
350.00
400.00
450.00
500.00
550.00
3-Mar-14
7-Mar-14
13-Mar-14
19-Mar-14
25-Mar-14
31-Mar-14
4-Apr-14
10-Apr-14
16-Apr-14
23-Apr-14
29-Apr-14
6-May-14
12-May-14
16-May-14
22-May-14
29-May-14
4-Jun-14
10-Jun-14
16-Jun-14
20-Jun-14
26-Jun-14
2-Jul-14
8-Jul-14
14-Jul-14
18-Jul-14
24-Jul-14
SPOT BZ M1 DDP USG 5-DAY Ma 20-DAY MA
-$40.00
-$20.00
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
3-Mar-14
7-Mar-14
13-Mar-14
19-Mar-14
25-Mar-14
31-Mar-15
4-Apr-14
10-Apr-14
16-Apr-14
23-Apr-14
29-Apr-14
6-May-14
12-May-14
16-May-14
22-May-14
29-May-14
4-Jun-14
10-Jun-14
16-Jun-14
20-Jun-14
26-Jun-14
2-Jul-14
9-Jul-14
15-Jul-14
21-Jul-14
US TDP Margins $/mt
-$100.00
$0.00
$100.00
$200.00
$300.00
$400.00
$500.00
Tol-MX Spread BZ-Tol Spread

8. NOTES:
** Benzene pricing courtesy of the Petrochemical Wire
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CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM,
ACCESSING AND USING TPS DATA.
Copyright © The Petrochemical Standard 2014 | asiaeds@petchemstandard.com |
CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM,
ACCESSING AND USING TPS DATA.
Copyright © The Petrochemical Standard 2014 | kevin.allen@petchemstandard.com |
CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM,
ACCESSING AND USING TPS DATA.
Copyright © The Petrochemical Standard 2014 | kevin.allen@petchemstandard.com |
CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM,
ACCESSING AND USING TPS DATA.
Copyright © The Petrochemical Standard 2014 | kevin.allen@petchemstandard.com |
CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM,
ACCESSING AND USING TPS DATA.
FREIGHT RATES – 10,000 MT
ULSAN – HOUSTON: $56-60/MT
HOUSTON – MAIN PORT FE: $50-54/MT
HOUSTON – CHINA: $51-55/MT
EDITORS CONTACT DETAILS
 Kevin Allen
 Email: kevin.allen@petchemstandard.com
 Phone: 713.344.3690
 Yahoo: tpsusaros
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ACCESSING AND USING TPS DATA.
H1 May - $1,333.50
H2 May - $1,336.38
H1 June – $1,369.42
H2 June – $1,527.59
H1 July – $1,520.86
H2 July MTD - $1,512.07
US DDP SPOT BENZENE AVERAGES
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CONTENT IS PROVIDED “AS IS”. TPS MAKES NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS TO BE OBTAINED FROM,
ACCESSING AND USING TPS DATA.