07 October 2012 14:45 [Source: ICIS news]
BUDAPEST (ICIS)--Despite some recent production problems in the market, European paraxylene (PX) availability is expected to be healthy for the rest of the year, according to one major buyer.
Speaking on the sidelines of the 46th annual European Petrochemical Association meeting in Budapest, Hungary, the buyer said that there had been some turnarounds and availability concerns briefly pushing up spot pricing in September, but weak derivative demand had essentially kept availability ample.
This bullishness was also evidenced ahead of the October contract settlement, the buyer added, with initial indications that sellers would push for an increase this month.
“There was perhaps some residue of excitement following the turnarounds in the market,” the buyer said. “But there is no shortage of PX.”
Additionally, weak demand for purified terephthalic acid (PTA) has led to many players simply opting to sell material as PX rather than convert it.
The annual EPCA meeting runs from 6-10 October.
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