Asian Iso-MX: Prices unchanged amid dearth of CFR offers

Chemical Industry

– China domestic prices rise

– MX blending MX into gasoline seen in China

 

Bids from China were seen in the isomer-grade mixed xylene market Tuesday at around $680/mt CFR China for April delivery, traders said. A fresh bid was heard Tuesday at $680/mt CFR China, also for April delivery. A market source said although MX offers were thin on the ground, the offer level into China has heard to be around $690-$695/mt CFR China for April delivery. China’s domestic market was rising Tuesday, with prompt delivery cargoes heard offered at around Yuan 5,620-5,650/mt ($695.80-712.19/mt) ex-tank East China, a source said. Higher Chinese domestic values were being prompted by gasoline blending demand for MX, a market player said. China domestic PTA prices were also bullish on Tuesday, rising to Yuan 6,610/mt from Yuan 6,530/mt on Tuesday. Parazylene prices were stable to higher over the same period. Freight rates for a 3,000 mt April isomer-MX parcel were in the range of $20-$21/mt between South Korea and Taiwan and $20-$25/mt between South Korea and China for April, market sources said.

RATIONALE:

Isomer-MX was assessed unchanged from last Tuesday at $671/mt FOB Korea and up $2/mt at $689/mt CFR Taiwan Tuesday. The markers take the average of the third and fourth half-month laycans, currently H1 and H2 April. No bids or offers were registered during the  Market on Close assessment process. No bids or offers were heard on an FOB Korea basis durng the MOC process. The April laycans were each assessed at $671/mt FOB Korea, unchanged from last Tuesday. Market discussion was heard with buying ideas around $680/mt CFR Taiwan/China for April delivery and selling ideas around $690-$695/mt CFR China. The above rationale applies to the following market data codes: PHAUV00 for FOB Korea and PHAUT00 for CFR Taiwan.

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