– PX, MX stocks remain high
The Imported data European xylenes market ended the week on a quiet note, with no activity seen from the Chemical Industry Monday. The spot price for orthoxylene was stable on Monday at $1,120/mt. There was no update on the status of Lotte Chemical’s FOB Korea tender for 3,000 mt, due to be announced Monday but already postponed once. Competition for the tender is expected to be strong, due to tightness in Europe and competition from Pakistan. The European OX assessment rose $100/mt week on week due to the tight market. Imported Data Activity was slow in the paraxylene Chemical Industry, with little demand heard from European buyers this week. Stocks were high, leading to a decoupling of the European Imported data from more bullish Asian prices. European PX was stable at $910/mt from Monday, and also stable week on week. European mixed xylenes premiums to Eurobob gasoline were steady at $113/mt CIF ARA for April on Monday, and $105/mt for May. Premiums have fallen in the toluene Chemical Industry due to a lack of chemical demand, pushing the market closer to blend value. Some blending demand has been heard this week around $70/mt for MX premiums, suggesting that without an uptick in petrochemical sector demand, similar downwards movement could occur next week (Imported Data).
S&P Global assessed the M1 April and M2 May mixed xylene CIF ARA premiums to Eurobob gasoline stable on the day at $113/mt and $105/mt Imported Data, respectively on Monday, amid no disproving indications. April Northwest European paraxylene was stable at $910/mt FOB ARA, with no indications and continuing weak demand. May was stable at $910/mt FOB ARA, maintaining parity with April. The paraxylene 5-30 day forward spot price was assessed as the average of the period at $910/mt FOB ARA, stable on day. Orthoxylene was assessed stable at $1,120/mt FOB ARA, with no disproving indications (Imported Data).