Paraxylene prices have been on a downward slide ever since the crude oil prices started falling and more recently because of CNY devaluation. However, paraxylene prices moderated in the second week of August in Asian markets.
Upstream, isomer-grade mixed xylenes were also down on heavy selling interest. Meanwhile, Gulf Coast demand also slowed and there was no market altogether and tracked Asian falling paraxylene. Meanwhile, xylenes spot tracked gasoline recovery from early losses. Asia-US arbitrage remained unattractive while spot mixed xylene was up from a week ago. In Europe, paraxylene price gained on the week.
Asian paraxylene markers fell US$3 a ton FOB Korea and CFR Taiwan/China both on the week. In US, spot mixed xylene was up US cents 2 per gallon FOB USG from a week ago. In Europe, paraxylene price partially regained US$8.50 a ton FOB ARA on the week.
Courtesy: Weekly PriceWatch Report
