06 October 2013 11:49 [Source: ICIS news]
BERLIN (ICIS)--European paraxylene (PX) pricing will continue to take cues from the Asian market next year, with several capacity expansions in China and Asia likely to dampen sentiment in 2014, sources said on Sunday.
“PX will depend a lot on the Asian supply/demand situation,” said one consumer, speaking on the sidelines of the 47th annual European Petrochemical Association (EPCA) meeting.
European PX producers have been carefully juggling operating rates and arbitrage opportunities in 2013 amid weak derivative demand, reflected in a sharp year-on-year increase in exports from the EU.
However, with Asian PX capacity expected to soar in the coming years amid a swathe of plants coming on stream, any appetite for European volumes is likely to be slim.
The EPCA meeting runs from 5-9 October.
($1 = €0.74)
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