- September/October backwardation increases- After maintenance, Unv1's FCFC relaunches the
PTA line.





As market sentiment improved, the Asian
paraxylene CFR China marker rose $37.34-43.50/mt to $1,121.67-1,150.50/mt on July
26. This was due to an increase in downstream purified Terephthalic Acid
futures in China. The September PTA futures on
Zhengzhou Commodity Exchange increased from Yuan 280-340/mt (or 4.99%) on the day to
Yuan 5,890-6,950/mt on July 26. Upstream, physical C+F Japan Naphtha
levels increased from $11.25-16.50/mt to $767.75-800.25/mt. This widening of the
paraxylene/naphtha spread reached a two-week peak at $353.92-380.50/mt on July 26. According to
one source, the rebound in paraxylene naphtha spread is due to the tight supply of
September lay cans. This was also reflected by higher floating premiums. According to
market sources, the highest bids received for Asia-origin cargoes arrived in
September...