Asian paraxylene prices gained US$9 a ton CFR Taiwan/China and FOB Korea in the first week of February. Isomer-grade mixed xylene rose US$7.50 a ton FOB Korea on the week.

Paraxylene prices hit their 19-month high in Asian markets as bullish market sentiment driving values up for March and April-shipment cargoes. Isomer-mixed xylene was also up as China returned and CPC issued tender for March-loading cargo. Supply of orthoxylene was seen short in coming months and prices were up, buoyed by strong feedstock prices for isomer-grade xylene.

In US, spot paraxylene gained following Asian rise while fundamentals remained stagnant as January contracts settled higher. US spot paraxylene rose US$10 a ton FOB USG while spot mixed xylene February pricing fell US cent 1 per gallon FOB USG.

In Europe, xylenes ended week on firm note amid supply tightness while mixed xylene spot rose as supply scarcity persists. European paraxylene spot jumped US$33.50 a ton while initial contract price settled at an increase of Euro50-55 a ton from the split settlement of January.

Courtesy: Weekly PriceWatch Report