19 May 2006 12:42 [Source: ICIS news]
SINGAPORE (ICIS news)--Spot Asian paraxylene prices jumped to a 10-year high on Friday, gaining $50-70/tonne in an eventful week on the back of soaring feedstock costs and tight supplies.
The market was pegged at $1,090-1,120/tonne FOB ?xml:namespace>
Some traders were seen bidding as high as $1,120/tonne CFR Taiwan for June on a regional trading window while one optimistic seller was offering as high as $1,180/tonne CFR Taiwan.
“Prices are rising because of escalating isomer xylene prices,” said a Korea-based trader. Isomer xylene spot prices were around $990/tonne CFR NE Asia at the close of business on Friday.
“Recent spikes in energy values also contributed to the price rally while the fundamental supply shortage is another major factor,” a Singapore-based trader said.
The last time PX prices breached $1,100/tonne CFR NE Asia was in December 1995, when they hit $1,220/tonne CFR Korea just before Christmas of that year.
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