Global PX-IX arbitrage closed on tight Western markets

30 January 2012 03:10  [Source: ICIS news]

SINGAPORE (ICIS)--The global arbitrage window for paraxylene (PX) and isomer-grade mixed xylenes (IX) shut late on Friday following price gains in the tightly supplied Western markets, according to ICIS data.

The Europe-Asia PX arbitrage for 5,000 tonne shipments closed for the first time in 11 weeks, with the inter-region price spread narrowing to $103/tonne (€78/tonne) following gains in spot Europe PX prices, data from ICIS showed.

The spot Europe PX prices stood at $1,490/tonne FOB (free on board) Rotterdam on 27 January or $12.50/tonne higher day-on-day, while Asian prices were assessed at $1,593/tonne CFR (cost & freight) Taiwan and/or CMP (China Main Port).

The US Gulf-Asia PX price spread stood at $60.79/tonne, down from $68.30/tonne a week earlier.

In addition, the cross-Pacific IX price spread narrowed by $2.61/tonne from 26 January to $19.52/tonne, which is $20.42/tonne lower week-on-week, the data showed.

The spot US PX prices stood at $1,532.21/tonne FOB US Gulf, while IX prices hovered at $1,300.48/tonne FOB US Gulf on 27 January.

Asian IX prices were assessed at $1,317.50/tonne FOB Korea and $1,320/tonne CFR NE Asia on the same day.

($1 = €0.76)

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By: Bohan Loh
+65 6780 4359



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