Asian paraxylene prices inched up US$2 a ton CFR Taiwan/China in the first week of June. Isomer-grade mixed xylene prices were however, down US$10 a ton FOB Korea on the week.
Paraxylene prices inched up on the week in Asian markets despite dipping weekend on weaker upstream and low crude oil values. Supply and demand fundamental were also weak, and the inventories stayed at high level. Although there are maintenance plans for some units, the market will basically remain weak provided there is improvement in feedstock in a short term.
In US, paraxylene spot fell amid falling global prices and weaker domestic mixed xylene market. The paraxylene-mixed xylene spread widened and trade was stalled in June. Prompt spot paraxylene fell US$10 a ton FOB USG, while spot mixed xylenes prices softened US cents 9 a gallon FOB USG.
In Europe, xylenes market was bearish on indications from Asia while players awaited second paraxylene settlement. Demand was and paraxylene spot gained marginally on the week. Paraxylene spot regained US$6 a ton FOB Rotterdam.
Courtesy: Weekly PriceWatch Report
