In China domestic market, the vessel cargo from the north/west to south has not arrived, so the spot is tight, the spot price is high. The pre-sale price is lower. In SEA market, a similar situation happens in Vietnam, bulk ship delay causes a high price and tight supply. But with an increased freight, the isotank deals are mild this week.
In Middle-east and North African markets, one major supplier in South Africa is heard to have problems on either supply or logistics, inquires swoop into China, which is a powerful drive to hold a high price of China export.
In Europe, EXXON increases the price for the new offer this week, in Italy by 60€. In the last week, a lower quotation was offered by them but withdrew promptly later. Meanwhile, the market is quiet as approaching the holiday season. It's highly expected that the price will increase in January.
In general supply end, January is not an easy month. China production lines for MEK are intensively located in the northern provinces surrounding Beijing, where production may be constrained or suspended during Beijing Winter Olympics. 2022 is a maintenance year for Japanese producers. Producers will start maintenance in turn from January to the middle of the year, which will bring even more demand on China's export. In Europe, INEOS has been pulled by feedstocks issue and staggers to cover contracts. EXXON‘s high pricing strategy on the quote in the coldest month can't help but incur worries on its production. Shell is looked the most normally functioned one but it's hard for only them to fulfill a higher demand when the market recovers from holiday.