- Domestic PX run rates drop- China's new PTA capacity
comes online





Asian paraxylene dropped $4.75/mt Oct. 4,
at $1,017.58/mt CRU Unv1/China, and at $997.50-$1.010.87/mt FOB Korea Nov. 7,
but there were fewer spot cargo talks. Market on Close saw a reemergence of buying
activity. 7 with 3 bids for January 2023 laycan, and 1 for
December. GS Caltex raised its January arrival bid to
Asia-origin $1,012-$1,045/mt, and then withdrew at the close of the market,
leaving $1,010-$1,050/mt/mt in the balance. Paraxylene
was supported by lower operating rates in China, where some producers have cut
their operations because of weakening margins. Despite this day-on-day drop,
one source claimed. Trading activities in derivatives market have
shifted to the first-quarter and second quarter 2023, with little liquidity in
the front month. During the session, PX-naphtha spread discussion
for...