Asian paraxylene prices plunged US$24.67 a ton CFR Taiwan/China and FOB Korea in the first week of May. Isomer-grade mixed xylene prices fell US$35.50 a ton FOB Korea on the week.

Paraxylene prices plunged in Asia for last three consecutive days amid pressure from falling crude oil futures and weaker upstream and downstream markets. Isomer mixed xylene prices tumbled as crude slid and market awaited consumption tax clarity.

In US, xylenes spot gained despite persistent length in the market and limited octane and derivative demand while orthoxylene contracts settled at rollover for May. US spot paraxylene gained US$5 a ton FOB USG on the week.

In Europe, a persistent length in the paraxylene market has apparently dominated contract price negotiations for May while spot price declined on the week. An initial May contract was agreed down from the April agreement. Upstream mixed xylene premium fell on thin demand. Paraxylene spot declined US$22 a ton while mixed xylene spot dropped US$45 a ton CIF ARA.

Courtesy: Weekly PriceWatch Report