Asian paraxylene rose $8.16/mt day on day to $1,101.83/mt CFR Taiwan/China

Asian paraxylene rose $8.16/mt day on day to $1,101.83/mt CFR Taiwan/China Friday on the back of firmer prices upstream and signs of stability in the downstream PTA futures market. May futures on the Zhengzhou Commodity Exchange rebounded after a mid-morning fall to close at Yuan 6,430/mt, down Yuan 8/mt on the day. A trader said the recent selloff in PTA futures was likely over for the moment. April ICE Brent crude oil futures rose $1.60/b day on day to $64.59/b at 0830 GMT in Asian trade, while naphtha rose $7.88/mt over the same period to $515.50/mt CFR Japan. Trading activity in the CSG Market on Close assessment process for PX was focused on April cargoes, with two trades for Asian origin cargoes at $1,105/mt CFR Taiwan/China in the MOC process.

RATIONALE:

PX was assessed up $8.16/mt day on day at $1,101.83/mt CFR Taiwan/China and $1,082.50/mt FOB Korea Friday. The markers take an average of the H2 March, and H1 April and H2 April laycans. The H1 and H2 April laycans were each assessed at $1,104.50/mt CFR Taiwan/China, above a bid for Asian origin from GS Caltex at $1,105/mt, after normalizing $1/mt for the restriction in origin, and below an offer at $1,105/mt from Oman Trading International. The H2 March laycan was assessed at $1,096.50/mt CFR Taiwan/China, at an $8/mt contango to April, in line with the pegged structure. No bids or offers were submitted for March in the MOC process. The above rationale applies to the following market data codes: PHASS05 for FOB Korea and AAQNE00 for CFR Taiwan/China.

phenol price updates
phenol price updates

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