Asian paraxylene prices gained US$5 a ton FOB Korea and CFR Taiwan/China in the second week of April. A South Korean paraxylene producer settled long-term contracts for 2016 at a discount of US$2.50 a ton for non-Asian participants, US cents 50 wider from 2015.
Paraxylene prices continued to rise day on day from last week end only to slide on Friday as downstream turnarounds affected demand. Meanwhile, the paraxylene-naphtha spread slipped below US$400 a ton mark. A South Korean paraxylene producer settled long-term contracts for 2016 at a deeper discount for non-Asian contract price participants.
In US, spot saw minimal gain as Asia remained the primary driver as paraxylene is shipped to Asia. Spot paraxylene rose US$5 a ton FOB USG on the week.
In Europe, downstream PET prices rose as summer season approached supporting paraxylene market, which mirrored the trend in Asia. Mixed xylene premium to gasoline swap was stable while orthoxylene was assessed as netback to Asia. Spot prices gained US$6.50 a ton FOB Rotterdam during the week.
Courtesy: Weekly PriceWatch Report
