– Naphtha rallies $15/mt
– PX jumps $7.42/mt
Asian isomer-grade mixed xylenes rose from Tuesday by $2/mt to $694/mt FOB Korea and at $708/mt CFR Taiwan on Tuesday, tracking rising prices in related markets. A trade source said market participants were still eying exports to the US amid recent price rises there. However, the Asian MX market was quiet Tuesday. In related markets, April ICE Brent crude oil futures rose $1.95/b to $66.78/b at 0830 GMT in Asian trade, while naphtha jumped $15.25/mt to $535.25/mt CFR Japan. Asian paraxylene also increased by $7.42/mt to $1,113.42/mt CFR Taiwan/China.
Isomer-MX was assessed up from Tuesday by $2/mt at $694/mt FOB Korea and at $708/mt CFR Taiwan on Tuesday. The markers take the average of the third and fourth half-month laycans, currently H1 March and H2 March. No bids or offers were registered during the Market on Close assessment process or heard during the day. The two markers were pegged and assessed up $2/mt based on movements in related markets. The above rationale applies to the following market data codes: PHAUV00 for FOB Korea and PHAUT00 for CFR Taiwan.