- Naphtha dips $3.25/mt on long supply, tepid demand- PTA-PX spread in China improves



Asian paraxylene rose
$18-23/mt to $1,200-1,235/mt CFR Taiwan/China May 5 and $1,180-1,205/mt FBO
Korea May 5, despite the weakness in feedstock naphtha. The
paraxylene/naphtha spread grew wider due to long supply, low demand, and
volatile upstream markets. Naphtha C+F
Japan fell $3-5/mt to $895-915/mt. Meanwhile, the paraxylene/naphtha spread grew
$20-25/mt and reached $300-320/mt. This was a new two-year high. Sources indicated that paraxylene was supported by tight
supply in June. However, the situation could improve in July once producers
complete scheduled turnarounds. Another
source said that the Asian market was supported by a limited supply in Europe
and the US. Domestic demand in China
continued to be slow after the long holidays. PTA operating rates were heard at
73.6%, and there...