Asian paraxylene prices surged US$32.334 a ton CFR Taiwan/China and FOB Korea in the third week of May. Isomer-grade mixed xylene prices gained US$15.50 a ton FOB Korea on the week.

Paraxylene prices in Asian markets rose on the week following PTA futures and higher crude weekend amid quiet market due to an industry conference. Upstream, mixed xylene prices gained on positive market sentiment while inventories were stable in China.

In US, paraxylene spot prices gained on stronger Asian pricing as well as stronger feedstock. Orthoxylene spot rose on energy gains. US spot paraxylene gained US$35 a ton FOB USG.

In Europe, paraxylene prices made bullish moves on crude rebound while xylene value of underlying EBOB swaps increased, pushing mixed xylene premium over the EBOB swap. Paraxylene spot gained US$32 a ton while mixed xylene spot was also up US$34.50 a ton CIF ARA on the week.

Courtesy: Weekly PriceWatch Report