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PX markets remain bearish in Europe, Asia and USA
06
Jul '13
Paraxylene (PX) prices declined by 0.90% in Asian markets during the fortnight ending June 30, 2013, over prices that prevailed a fortnight earlier, in line with uncertain market sentiments and weak bearish outlook of Europe and U.S.A markets.
 
Weak feedstock market and lackluster downstream demand during the fortnight also contributed to slide in PX prices. 
 
In Far East Asian markets, average prices were recorded at US$ 1405/ton, while the average prices in Southeast Asian markets were US$ 1430/ton during the fortnight ending June 30.
 
PX prices in Europe and U.S.A markets also showed a downward trend due to sluggish buying activities during the fortnight under review. PX prices in Europe dropped by 1.11 % and were assessed at US$ 1340/ton, while in U.S.A market prices dipped by 0.71% from prices during fortnight ending June 15, 2013.
 
Meanwhile, S-Oil, Idemitsu, and JX Nippon announced their July contract prices for Paraxylene at US$ 1490/ton, US$1550/ton, and US$1500/ton, respectively, which are up from the previous month. Sinopec has announced its July price at RMB 10,550/ton.
 
Overall, PX markets were bearish during the fortnight under discussion, and there were no firm indications of improvement in the demand in the short run. Under such circumstances, it is expected that PX markets will remain moderate and demand will continue to remain stable-to-firm during the ongoing fortnight ending July 15, 2013.
 

Fibre2fashion News Desk - India

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