Asian paraxylene prices fell US$4.00-4.33 a ton FOB Korea and CFR Taiwan/China in the second week of May. Paraxylene prices declined on the week and sharply on that weekend amid weak downstream futures market.
The September PTA futures was down in China while Reliance expects quick restart of Dahej PTA line which can result in ample supply.
South Korea’s SK Global Chemical plans to shut its aromatics plant at Ulsan for 40 days from 20 May for TA.
In US, paraxylene spot continued to track Asia amid ample supply that kept Asia attractive. Domestic demand was modest. US spot paraxylene fell US$5 a ton FOB USG on the week.
In Europe, paraxylene market was set to get longer while PTA price rolled over. Mixed xylenes market was tracking gasoline that week, amid lack of demand undermining liquidity. Contract price for May was fully settled at a rollover. European spot price of paraxylene rose US$4.50 a ton while mixed xylene spot prices rose US$5.50 a ton FOB ARA.
Courtesy: Weekly PriceWatch Report
