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Paraxylene price falls on weak crude and downstream PTA futures

YarnsandFibers News Bureau 2016-11-30 07:35:12 –

Asian paraxylene prices declined US$17 a ton CFR Taiwan/China and FOB Korea in the third week of November. Isomer mixed xylene fell US$23 a ton FOB Korea on the week.

Paraxylene spot in Asian markets opened the week with a huge fall in prices under pressure on weak crude and downstream PTA futures. Over the week, although crude recovered but paraxylene failed with markers were down on weekend and on the week.

Meanwhile, JX Nippon Oil expects to restart its 500,000 ton a year plant by the end of that week or early next week. Isomer-grade mixed xylenes also fell weekend.

In Europe, paraxylene prices declined following Asia giving way to arbitrage to open. Paraxylene prices gave back US$6.50 a ton on the week while November contract price was up Euro10-20 a ton on the month.

In US too, spot fell on Asia decline, as it remains the primary driver. Mixed xylene pricing for November also fell on the week. Spot paraxylene dropped US$10 a ton FOB USG while mixed xylene pricing for November fell US cents 12 a gallon on the week.

Courtesy: Weekly PriceWatch Report

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