Asian paraxylene prices gained US$0.50 a ton FOB Korea and CFR Taiwan/China in the first week of August. Paraxylene prices rose weekend and on the week in Asian markets on firm buying interest while decline in PTA futures capped further gains. The paraxylene-naphtha spread rose sharply as naphtha remained almost flat.
In Europe, paraxylene prices continuously climbed in the last three days of the week as Brent crude held above US$43 a barrel. Mixed xylene also climbed as prompt supply remained tight ending the week on a bullish note. Paraxylene prices increased, the highest globally, US$16.50 a ton on the week.
In US, paraxylene spot moved higher, driven by Asian numbers while August contracts are expected to be lower as mixed xylene pricing for August and September edged down. US spot paraxylene gained US$10 a ton FOB USG on the week. Spot mixed xylene pricing for August and September edged down US cent 1 per gallon FOB USG on the week.
Courtesy: Weekly PriceWatch Report
