Paraxylene-Orthoxylene Prices, markets & analysis
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Paraxylene-Orthoxylene overview Transcript
Paraxylene or PX is the largest volume isomer of the mixed xylene aromatic stream. Almost all PX goes in the production of the fibre intermediate purified terephthalic acid (PTA) which is subsequently used in polyester production.
The global PX market has been generally tight with strong growth witnessed in the downstream segment. Pricing for PX is generally influence by crude futures and sentiment in the down stream markets.
Production issues can quickly lead to fluctuation in prices in Asia where trade is relatively liquid as compared to the rest of the world. Asian PX trade is largely contract based, but there is still a fairly liquid spot market. Japan and South Korea are major exporters to the world’s largest importer, China. The recent emergence of producers in the middle east could fundamentally alter trade flows.
Orthoxylene or OX is the second largest volume isomer of the mixed xylene stream. OX is typically a by-product of PX production and is typically consumed in the manufacture of phthalic anhydride (PA). Pricing for OX is generally influenced by movements in crude futures, costs of raw materials as well as sentiment in the downstream PA sector. Supply of OX is tight in Asia as makers have scaled back operating rates to maximise production of the more lucrative commodity, PX.
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Paraxylene-Orthoxylene: Market overview
Updated to Q3 2014
Asia paraxylene (PX) spot prices are likely to face downward pressure going forward into the third quarter (Q3) because of prevailing weak downstream demand in the purified terephthalic acid (PTA) and polyester markets. An additional new capacity of 4.02m tonnes/year is expected to come on stream from mid-July onwards, lengthening supply conditions.
European operating rates are likely to remain low with downstream production limited. Prices should continue to be driven by global news. PX supply may improve, as exports to the US and Asia normalize, dependent on capacity changes in those regions. Orthoxylene (OX) should be more stable, with flat demand and balanced-to-tight supply.
Contract pricing for US PX and OX are expected to rebound in Q3 after consecutive months of declines in the previous quarters. A recent rising trend in Asia PX and OX spot prices, coupled with stronger global raw material and co-product mixed xylene (MX) prices, pushed US prices upward. Demand for PX in downstream polyethylene terephthalate (PET) via the PTA intermediate will remain healthy, while demand for OX in downstream phthalic anhydride (PA) will remain stable.
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Para Ortho xylene Methodology
Paraxylene (PX) is the largest volume isomer of the mixed xylenes. Around 98 percent of PX demand comes from the polyester chain via the one of its intermediatespurified terephthalic acid (PTA) or dimethyl terephthalate (DMT). The breakdown for polyester demand is 65 percent from fibre, 27 percent from polyethylene terephthalate(PET) bottle resin and the remainder from film and other plastic end uses. Polyester demand is expected to grow at six percent a year over the next few years with the PET resin bottle market seeing the fastest growth. A small amount of PX is used as a solvent and in the production of di-paraxylene and herbicides.
Paraxylene is a flammable liquid and a fire hazard. When heated to decomposition, paraxylene emits acrid smoke and fumes. Vapours may travel to a source of ignition and flash back.
Orthoxylene (OX) is the second largest of the three commercial isomers of xylene. Almost all OX produced is consumed in the manufacture of phthalic anhydride, which is converted to plasticisers, alkyd and polyester resins. Small quantities are used in solvent applications and to make bactericides, soybean herbicides and lube oil additives. It is also used to make phthalonitrile, which is converted to copper phthalocyanine, a pigment.
Orthoxylene is a flammable liquid and a fire hazard. When heated to decomposition, orthoxylene emits acrid smoke and fumes. Vapours may travel to a source of ignition and flash back.
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