PX-MX spread narrows on firmer feedstock Sentiment rallies on easing pandemic
restrictions in China



Paraxylene in Asia rose
$4.34/mt on the day to $1,205-1,225/mt CFR Taiwan/China April 21 and $1,185-1,200/mt
FBO Korea April 21. This was in conjunction with gains in downstream PTA
markets. The June laycan was the focus of trade
activities during the Market on Close process by Commodity Insights. Six bids
were received and one offer was made. Total
Singapore offered $1,210-1,225/mt for Asia-origin June arrival cargo, while BP
Singapore offered $1,215-1,235/mt. On that
day, the June-July backwardation structure grew to $10-12/mt. There was a final
bid at $9-12/mt. Benchmark CFR Japan
naphtha, which was valued at $910-930/mt the day before, was increased by $1/mt.
This spread to paraxylene increased by $3-4/mt to $295-310/mt. Sources suggested that the paraxylene-naphtha spread was
widening...