21 March 2012 05:50 [Source: ICIS news]
SINGAPORE (ICIS)--US-origin isomer-grade xylene (IX) and paraxylene (PX) cargoes are expected to reach Asian ports in May despite a closed arbitrage window between the US Gulf (USG) and ?xml:namespace>
There are two traders who are expected to load 15,000-20,000 tonnes of PX in April, bought at $1,577.50/tonne (€1,199/tonne) FOB (free on board) USG late last week.
Spot PX prices in Asia stood at $1,622/tonne CFR (cost & freight)
The freight charges for a 10,000 tonne cross-Pacific shipment are at around $90/tonne.
A cargo of 20,000-30,000 tonnes of IX that is destined for Asian ports is expected to be loaded in March-April.
Spot IX prices in the
Sources attributed this trade flow to tight IX supply and a previously bullish buying sentiment towards Asian spot prices.
“A trader sold some March-April deliveries to FCFC ([Formosa Chemicals and Fibres Corp] at the end of February on a floating basis and the market became so tight that traders had no choice but to source shipments from the
However, spot PX and IX prices in
The decline is a result of falling purified terephthalic acid (PTA) futures traded on the Zhengzhou Commodity Exchange and poor demand for polyester yarns and filaments.
($1 = €0.76)
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