26 April 2013 10:09 [Source: ICB]
Isomer-grade xylene prices fell on 15 April on the back of negative economic data from China and the sharp fall in crude oil futures, according to market players.
Crude values fell by more than $2.00/bbl amid concerns over the strength of both the US and Chinese economies. Isomer-grade xylene prices fell by 4.59%, or $55/tonne (€42/tonne), to $1142-1160/tonne FOB (free on board) Korea on 15 April, from 12 April, according to ICIS data.
China on 15 April reported that its GDP growth for the first quarter of 2013 was at 7.7%, compared with 7.9% in the fourth quarter last year.
This weighed on derivative purified terephthalic acid (PTA) futures and physical prices, market players said. The bearish market sentiment then trickled to the upstream praxylene (PX) and isomer-grade xylene sectors, they added.
Lingering concerns over the economic health of the eurozone and the US does not bode well for the polyester sector as they are the main importers of China's textile exports.
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