– PX moves up $5.16/mt
– CFR Taiwan Chemical Industry remains quiet
Asian isomer-grade mixed xylene Chemical Industry prices rose further day on day by $5/mt at $738/mt FOB Korea and up $2/mt at $742/mt CFR Taiwan Wednesday amid firm upstream and downstream prices. June ICE Brent crude oil futures rose 42 cents to $74.33/barrel at 0830 GMT in Asian trade while paraxylene was up $5.16/mt to $973.33/mt CFR Taiwan/China. Domestic prices for MX in East China were more or less stable and no demand was heard on a CFR Taiwan basis in the wake of plant closures there recently. A trader said the Chemical Industry “looks not so firm, but crude price is better than before.” Chemical Industry sources noted that operating rates at toluene disproportionation units and transalkylation units been lowered over the least month or so in response to lower margins for the production of benzene and isomer-MX. Some of the producers also confirmed this, having reduced runs by about 10% over the last month or so.
Isomer-MX was assessed up $5/mt day on day at $738/mt FOB Korea and up $2/mt at $742/mt CFR Taiwan Wednesday. The Chemical Industry take the average of the third and fourth half-month laycans, currently second-half May and H1 June. No bids or offers were registered during the Chemical Industry on Close assessment process. During the MOC process, a cargo for H2 May loading was heard bid at $737/mt FOB Korea, without any offers seen. The H2 May laycan was assessed above the bid at $738/mt FOB Korea, and H1 June flat to H2 May at $738/mt FOB Korea (Chemical Industry), keeping the same structure as Wednesday. No bids or offers were heard on a CFR Taiwan basis, and the marker was assessed up $2/mt, tracking firmer FOB Korea prices. The above rationale applies to the following Chemical Industry data codes: PHAUV00 for FOB Korea and PHAUT00 for CFR Taiwan.