Asian paraxylene: Drops in related markets cause a $67.67-73.50/mt
plunge■ The
September weaker buying reduces 's backwardation■ The paraxylene-naphtha range narrows to $347-360/mtAsian paraxylene continued a downward trend
on Aug. 5, which lasted through the week. The CFR Taiwan/China marker dropped
$10.33-15.50/mt and tumbled $67.67-72.50/mt during the week. It will be
assessed at $1053-1080/mt on Aug. 5. The
weekly fall in PX prices was faster than that of feedstock naphtha Japan C+F
Japan which fell $56.25-62.50/mt on a week to $706-730/mt August 5. This narrowed
the spread between PX and Naphtha by $11.42-16.50/mt or $347-360/mt. The fall was accompanied by a weaker structure between
September & October, as September's buying appetite was lower. From plus $40-45/mt on July 29, the backwardation structure
dropped to plus $6-7/mt on Aug. 5, from plus $40-45/mt on July 9. Sources indicated...