US spot paraxylene fell $15/mt Tuesday to nearly a one-month low assessment of $1,595/mt FOB US Gulf Coast tracking weaker Asian levels.
US spot PX was last seen at this level on January 28, when the assessment was at $1,595/mt FOB USG. US spot PX then rose after that assessment amid strong Asian PX demand, reaching a 16-month high at $1,640/mt on February 13. PX had not been near that price since September 22, 2011, when it was assessed at $1,642.50/mt, according to Platts data.
The Asian paraxylene market fell $14.50/mt Tuesday to be assessed at $1,656/mt FOB Korea and $1,681/mt CFR Taiwan/China on declining demand, sources said. Sources have attributed the weaker Asian PX demand to sluggish downstream purified terephthalic acid demand and talk that PTA producers in China would reduce plant operations.
Asian PX consumers were also heard selling excess PX in the market, which currently has supply outpacing demand. Asian market supply is expected to be long into the beginning of the second quarter, according to market sources.
