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Benzene+ BZ spread improved following increase in the US price on active buying interest in order to cover production issue and from lost TDP and STDP supply.+ Arbitrage window from Asia to the US has been opened for the first time since Oct with the US netback stronger than China.+ STDP margin has been negative since early May and all units in North America reduced their production rate (to around 50 percent) or shut down.+ Asian BZ supply will decline as Panjin Ethylene has started a naphtha cracker turnaround while Jilin has also carried out a one-month refinery andnaphtha cracker turnaround. Moreover, Qingdao Refinery has taken a two-month refinery turnaround from the beginning of Jun.+ In China, BZ production from TA has been reduced in order to send TL to the gasoline pool.- Producer in Kashima, Japan has shut down a Phenol plant around three weeks from early Jun for planned maintenance. Another Phenol producer inOsaka will undergo scheduled maintenance during all of Jul.
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