21 March 2013 10:23 [Source: ICIS news]
SINGAPORE (ICIS)--Spot paraxylene (PX) prices in Asia rebounded on Thursday after three successive full-day sessions of price decline during the week on lifted market sentiment, market players said.
Earlier in the day, HSBC’s flash purchasing managers’ index (PMI) for China rebounded to 51.7 in March, signalling to several market participants that the country is on track to an economic recovery.
Furthermore, firmer values in the downstream purified terephthalic acid (PTA) futures market resulted in an optimistic market outlook in the near term.
On 21 March close, spot PX prices were assessed as $1,500-1,505/tonne (€1,155-1,159/tonne) CFR (cost & freight) CMP (China Main Ports)/Taiwan, marking a $5/tonne increase from the previous day, according to ICIS data.
However, several market players were sceptical that a strong uptrend rally in the near term is not sustainable because of high inventories in downstream PTA, monoethylene glycol (MEG) and the polyester sectors.
“The PX market remains very volatile, a clear price direction remains unclear,” a northeast Asia-based trader said.
($1 = €0.77)
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