Asian paraxylene prices gained US$21.67 a ton FOB Korea and CFR Taiwan/China in the third week of January.
Paraxylene price surged as crude oil prices jumped more than 10 per cent on 22nd January 2016. The spurt in oil prices also sent naphtha CFR Japan up US$19 a ton over the same period. Downstream demand was still not strong, thus paraxylene price rise was cost pushed.
In US, paraxylene spot finished at fresh 7-year low as demand was persistently weak while production economics stay unfavorable. However, spot mixed xylene spot moved higher on energy support and ample supply available for demand.
Spot paraxylene fell US$5 a ton FOB USG amid absent demand. Meanwhile, spot mixed xylene rose US cents 3 per gallon FOB USG for January and February.
In Europe, the paraxylene to mixed xylene spread hit a four-month low early in the week amid weak fundamentals. However, weekend oil surged pushed spot paraxylene prices up on the week.
Spot paraxylene prices gained US$13.50 a ton FOB Rotterdam while mixed xylene market was reported quiet on the week.
Courtesy: Weekly PriceWatch Report
