21 December 2011 02:34 [Source: ICIS news]
SINGAPORE (ICIS)--The arbitrage window for isomer-grade xylene (IX) from the US to Asia closed late on Tuesday after prices in the US rose on tight supply.
The Europe-Asia arbitrage window for paraxylene (PX), however, remains open on firm Asian prices.
Spot IX prices in the US were assessed at $1,140-1,200/tonne (€866-912/tonne) FOB (free on board) USG (US Gulf) on 20 December, or $30-60/tonne higher than on Monday because of tight supply.
Freight costs for a 10,000 tonne shipment from the US to Asia were at $100/tonne, while IX prices in Asia stood at $1,225-1,235/tonne FOB Korea and $1,230-1,245/tonne CFR (cost & freight) NE (northeast) Asia on Tuesday.
Meanwhile, the EU-Asia PX arbitrage window remained technically open on paper.
PX prices in Europe were assessed at $1,255-1,275/tonne FOB ARA (Amsterdam-Rotterdam-Antwerp) amid slow trade on 20 December. This would give a price difference of $195-210/tonne, compared with Asian prices at $1,465-1,470/tonne CFR Taiwan and/or China Main Port (CMP).
Freight costs for a 10,000 tonne shipment from Europe to the northeast and southeast Asian region were hovering at the high-$80s/tonne.
With additional reporting from Helena Strathearn, Blanca Venegas and Lester Teo
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