UpdateAsia PX falls $80/tonne on weak PTA prices

20 October 2011 10:38  [Source: ICIS news]

(adds latest prices)

SINGAPORE (ICIS)--Asian paraxylene (PX) values declined by $80/tonne (€58/tonne) in late afternoon trade on Thursday on the back of weak prices in the downstream purified terephthalic acid (PTA) market and amid worries over the eurozone debt crisis, market sources.

A December shipment was sold to SK Global Chemical (SKGC) at $1,470/tonne CFR Taiwan and/or China Main Port (CMP), said a northeast Asia-based broker.

Meanwhile, traders valued November deliveries at $1,490/tonne CFR Taiwan and/or CMP.

PX was assessed at $1,555-1,565/tonne CFR Taiwan and/or CMP on 19 October, according to ICIS data.

Few bids were heard from end-users as most PTA producers are experiencing poor production margins.

PTA cargoes of Korean origin were heard negotiated at $1,080-1,090/tonne CFR CMP. Korean PTA was discussed at $1,145-1,155/tonne CFR CMP on 19 October.

The benchmark prices of PTA were assessed at $1,145-1,180/tonne CFR CMP on 19 October, according to ICIS.

($1 = 0.73)

For more on paraxylene, visit ICIS chemical intelligence

By: Bohan Loh
+65 6780 4359

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