- PTA and naphtha extend the downtrend- August paraxylene paper inked





Asian paraxylene was down $14.75-20.50/mt
at $1.179-2.500/mt CFR unv1/China and $1,159-1,200/mt FBO Korea on July 7. However, a mildly tight supply and stable demand
kept the Asian paraxylene markets from falling sharply. This was in contrast to
weakening upstream feedstock naphtha or downstream purified terephthalic acids
markets. Paraxylene producers were not optimizing
utilization rates, which prevented overrunning. This was balanced by stable
demand from end-users. Some traders were also cautious due to volatile
oil markets. August floating cargoes were bid for in morning
trade hours, citing a variety of base prices, including RBOB gasoline. A few market
sources stated that floating cash differentials should be increased for spot
cargoes based on the daily Mean CFR Unv1/China paraxylene price. This is in
addition to the...