- August Discussions Lead Uptrend- China's Shenghong will build a new PTA facility



Asian paraxylene rose $24.59-30.25/mt to
$1,291-1,320/mt CFR unv1/China on June 28 and $1,271..1,310/mt FBO Korea on
June 28, due to firm buying interest in August arrivals and the bullish trend
for crude oil. Despite
the slow momentum of the previous session, August deliveries saw a surge in
buying interest. Two trades were completed at $1,305-1,345/mt between Samsung
C&T, GS Caltex, and Mercuria, while ExxonMobil and Mercuria closed the
Market on the Close process. The September
backwardation was widened to $31-35/mt (from $26.75-30.25/mt on June 27) due to
lower September cargoes bids. China's
Jiangsu Shenghong Petrochemical, which will build the Phase 3 purified
Terephthalic Acid project in Lianyungang province, Jiangsu province said June
28. The company will increase its total
PTA production...