Asian paraxylene prices inched up US$5.50 a ton FOB Korea and CFR Taiwan/China in the third week of May.
Paraxylene prices in Asian markets inched up on support of firm crude oil prices while demand was still modest which limited the uptrend. However, with a few restarts coming up, spot will remain active.
China’s Jialong and India’s Reliance are expected quick restart their respective PTA lines soon. Meanwhile, paraxylene-naphtha spread shrunk to a 4-month low. Isomer mixed xylene was dearer on rebounding buying sentiment.
In US, paraxylene spot tracked slight gains in Asia although fundamentals remained unchanged while paraxylene contracts are likely to settle higher. US spot paraxylene rose US$5 a ton FOB USG during the week.
European spot price rose US$1.50 a ton on the week.
Courtesy: Weekly PriceWatch Report
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