HOUSTON (ICIS)--US spot paraxylene (PX) continued down on falling upstream prices and declining values in Asia.
US spot PX was assessed at $1,085-1,170/tonne FOB (free on board) from $1,130-1,210/tonne the previous week.
Falling crude prices have put downward pressure on aromatics prices, including mixed xylenes (MX) and PX.
Asia prices continued to fall on lower naphtha values and softening downstream demand.
Lower prices in Asia and softening global demand has increased spot availability among PX producers in the US.
Increasing supply is expected to continue to pressure down prices as sellers and traders look to unload material before the end of 2019.
Downstream, demand for purified terephthalic acid (PTA) and polyethylene terephthalate (PET) continues to soften amid seasonal downturn in the polyester chain.
PX is used to produce PTA, which is an intermediate in the production of PET.
Major producers of US PX are BP, Chevron Phillips Chemical, ExxonMobil, Flint Hills Resources and Indorama.