– Crude rises above $75/b
– MX market stays thin as PX weakens
The Asian isomer-grade mixed xylenes market remained thin and opaque on Friday, with the FOB Korea marker and CFR Taiwan marker assessed stable day on the day at $738/mt and $742/mt, respectively. June ICE Brent crude oil futures rose $1.08/b to $75.28/b at 0830 GMT in Asian trade, putting upwards pressure on aromatics prices, such as for isomer-MX. However, Asian paraxylene prices, downstream of MX, were sliding Friday as several offers were heard in the market. Meanwhile, in MX, some market participants said the supply of MX was not as long as expected as supply from the Middle East had dried up, and also in China, the east coast inventory level was heard to have shrunk from 130,000 mt last week to around 112,000 mt this week. The prompt domestic price of isomer-MX in East China was heard around Yuan 5,700-5,710/mt on Friday, equating to about $722.50/mt on an import parity basis.
Isomer-MX was assessed unchanged day on the day at $738/mt FOB Korea and at $742/mt CFR Taiwan Friday. The markers 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 Market on Close assessment process. No bids or offers were heard at any point during the day either, and related market prices were moving in opposite directions, giving no clear direction for MX. The above rationale applies to the following market data codes: PHAUV00 for FOB Korea and PHAUT00 for CFR Taiwan.