Asian paraxylene markers, CFR Taiwan/China was up US$4 a ton in the last week of April while FOB Korea also rose US$4 a ton. Isomer-grade mixed xylene prices surged US$31 a ton FOB Korea during the week.
Paraxylene prices in Asia jumped that week largely driven by gains seen in the upstream crude and naphtha markets. Prices were also supported by healthy downstream buying interest during the week.
China’s paraxylene imports in March rose 21% month on month to 1.44m tons. India’s paraxylene exports in February grew 46% month on month to 202,597 tons.
In US, spot paraxylene prices rose this week, tracking gains in Asia and amid higher demand as peak season begins in the downstream polyethylene terephthalate (PET) market. Prompt spot paraxylene was up US$15 a ton FOB USG, while spot mixed xylenes lost US cents a gallon FOB USG on the week.
In Europe, paraxylene spot prices swung back up that week following increases in Asia. European spot paraxylene prices jumped US$17 a ton FOB Rotterdam on the week.
Courtesy: Weekly PriceWatch Report
