Asia PX rises on strong crude futures, end-user buying interest

04 January 2012 10:47  [Source: ICIS news]

SINGAPORE (ICIS)--Asia paraxylene (PX) spot prices increased by $38-41/tonne (€29-32/tonne) on Wednesday on the back of sharp overnight gains in crude futures and a re-emergence of buying interest from China-based end-users, sources said.

Spot PX prices now stood at $1,555-1,563/tonne CFR (cost and freight) Taiwan and/or China Main Port (CMP), according to ICIS data.

February shipments were concluded at $1,555/tonne CFR Taiwan and/or CMP, $1,560/tonne CFR Taiwan and/or CMP and $1,563/tonne CFR Taiwan and/or CMP.

A China-based end-user said it snapped up a February shipment early in the day at $1,530/tonne CFR CMP LC (letter of credit) 90 days but this could not be confirmed.

There were also gains for isomer-grade xylene (IX) prices during the day, albeit to a lesser extent.

IX prices stood at $1,240-1,245/tonne FOB (free on board) Korea and $1,240-1,250/tonne CFR NE (northeast) Asia, or $5/tonne higher than the previous day.

Players said the gains in IX were limited as February supply was now longer than before following CPC Corp’s announcement to sell up to 35,000 tonnes of material back into the spot market.

($1 = €0.77)

For more on paraxylene visit ICIS chemical intelligence

By: Bohan Loh
+65 6780 4359

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