Asian paraxylene markers were up US$19.67 a ton FOB Korea and up US$20.50 a ton CFR Taiwan/China in the first week of June. Isomer-grade mixed xylenes also rose US$6 a ton FOB Korea.
Paraxylene prices in Asia regained past four weeks prices loss by rising on the week and on weekend as plants in China plan to reduce rates for G20.
Meanwhile, India’s OMPL restarted its plant as rains resumed and water shortage eased. Isomer mixed xylene prices rose on bullish buying sentiment and the spread between PX-MX widened to 1-month high.
In US, spot paraxylene moved higher on Asia, as the region remains attractive destination while inventories were ample despite tight feedstock. US spot paraxylene rose US$30 a ton FOB USG during the week.
In Europe, spot gained on Asian strength while June initial contract price settled at an increase over May. European spot was up US$15 a ton on the week while an initial contract price was up Euro 5 a ton FD NWE on the month.
Courtesy: Weekly PriceWatch Report
