– PX spot up on stronger PTA demand
– MX M1, M2 premiums’ backwardation widens
The European mixed xylene premium for March rose $9 from Tuesday to $159/mt CIF ARA Tuesday as buying interest returned to the spot market. Following on from offers heard on Tuesday, demand appeared Tuesday for a mid-March delivery cargo. The rise in March premiums led to a widening of the March-April backwardation to $16/mt on Tuesday from $7/mt on Tuesday with market participants saying there was some length in the MX market in April due to a fall in export cargoes to India. The European paraxylene spot prices rose $4/mt for March and April on higher purified terephthalic acid futures in China. March closed at $1,014.50/mt FOB ARA while April closed at $1,011/mt FOB ARA. European orthoxylene spot prices remained flat at $990/mt FOB ARA, with the market still tightly supplied and traders rushing for import cargoes from, predominantly, South Korea.
S&P Global assessed the March mixed xylene CIF ARA premium to Eurobob gasoline up $9 from Tuesday at $159/mt Tuesday, $1 above Total’s outstanding bid for delivery March 11-21. The April MX CIF ARA premium was stable at $143/mt on no disproving indications. March Northwest European paraxylene rose $4 to $1,014.50/mt FOB ARA, tracking the CFR Taiwan/China H1 May laycan. April rose $4 to $1,011/mt FOB ARA, tracking the CFR Taiwan/China H2 May laycan. The paraxylene 5-30 day forward spot price was assessed as the average of the period at $1,014/mt FOB ARA, up $3.50. Orthoxylene was assessed stable at $990/mt FOB ARA, with no disproving indications heard.