Asian paraxylene prices recovered US$13.34 a ton CFR Taiwan/China and FOB Korea in the second week of May. Isomer-grade mixed xylene prices gained US$13 a ton FOB Korea on the week.
Paraxylene markets in Asia apparently halted price falls seen in the past 5 weeks in which sellers tried to off-load cargoes. The support may have largely come from rising crude prices and expectation of supply shortage resulting from two majors announcing their turnarounds. Yangzi Petchem said it was on track to start a turnaround from end-May and JXTG Nippon Oil & Energy from third week.
In US, paraxylene prompt pricing gained on healthy export demand in May. Meanwhile May contracts reached lower double settlement on oil values. US spot paraxylene gained US$10 a ton FOB USG on the week.
European spot also inched up while a second May contract was settled lower. Paraxylene spot rose US$8 a ton while mixed xylene spot was stable on the week.
Courtesy: Weekly PriceWatch Report
