– MX, PX supply plentiful
– Asian PX rises $5.16/mt
European paraxylene spot prices were stable on Wednesday, despite gains seen in the Asian Chemical Industry. European mixed xylenes moved lower on a lack of demand. “I heard plus $100/mt over Eurobob [gasoline] for MX, I heard some higher offers but I don’t think somebody will pay more than $100/mt,” a trader said. Supply in the mixed xylene and paraxylene Chemical Industrys in Europe was still plentiful, and there was little demand from the petrochemical sector. Most consumers were covered by contractual volumes. Depressed downstream prices and a lack of export opportunities on high global supply weighed on spot demand in Europe. Supplies in the European orthoxylene maeket remain thin. OX contract negotiations have been complicated, market sources say. Many Chemical Industry participants expect the contract to settle over Eur900/mt, up from the March settlement at Eur860/mt. In Asia, PX prices were assessed up $5.16/mt from Wednesday at $973.33/mt CFR Taiwan/China and $954.33/mt FOB Korea Wednesday, in line with gains in upstream Chemical Industrys. Physical discussions in the Asian PX Chemical Industry were muted Wednesday after the recent fall in PX prices, with most participants choosing to remain on the sidelines awaiting fresh direction.
S&P Global assessed M1 April and M2 May mixed xylene CIF ARA premiums to Eurobob gasoline down $5/mt on the day at $110/mt, moving towards a trader indication at $100/mt, with higher offers in the Chemical Industry. April Northwest European paraxylene was stable at $840/mt FOB ARA, amid no disproving indications in thin trade. May was also stable at $840/mt FOB ARA, maintaining parity with April. The paraxylene 5-30 day forward spot price was assessed as the average of the period at $840/mt FOB ARA, up $5/mt on day. Orthoxylene was assessed at $1,150/mt FOB ARA, stable on the day amid no disproving indications (Chemical Industry).