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Para-Xylene prices plunge with falling crude
03 Sep '08
2 min read
The Gustav hurricane in Gulf region is not only affecting people but also has caused damage to the oil industry.
While crude prices slipped down, para-xylene market in the Asian region also started crumbling. Yesterday, crude fell by US $8 per barrel, and that immobilized the entire aromatics market.
Due to such immense fall in energy and naphtha prices, buyers quoted PX at around $1300 per ton, CFR Taiwan/China level for October trading. Where as offers from the sellers stood at around $1350 per ton, for next month but failed to get any response from the buyers. The market closed with in the range of $1330-$1350 per ton, showing a plunge by $20 per ton for October trading.
In PTA, due to huge drop in upstream sector selling intentions were cited at around $1015 per ton, offer prices from spot buyers were below $1000 per ton, CFR, China level. But some how sellers managed the PTA offers higher at $1010 per ton.
In the European region, Paraxylene market remained at a static position. The buying session during the day remained volatile. However, few contracts were inked at around $1220 per ton, FOB Rotterdam level. By the end of the day, the prices moved slightly on the higher side to be at around $1270-$1290 per ton FOB Rotterdam level for September. When the market closed, the prices stood with in the range of $1220-1270 per ton FOB Rotterdam for September.
On the whole we can say that that market experienced quite a dull session on this day.
While crude prices slipped down, para-xylene market in the Asian region also started crumbling. Yesterday, crude fell by US $8 per barrel, and that immobilized the entire aromatics market.
Due to such immense fall in energy and naphtha prices, buyers quoted PX at around $1300 per ton, CFR Taiwan/China level for October trading. Where as offers from the sellers stood at around $1350 per ton, for next month but failed to get any response from the buyers. The market closed with in the range of $1330-$1350 per ton, showing a plunge by $20 per ton for October trading.
In PTA, due to huge drop in upstream sector selling intentions were cited at around $1015 per ton, offer prices from spot buyers were below $1000 per ton, CFR, China level. But some how sellers managed the PTA offers higher at $1010 per ton.
In the European region, Paraxylene market remained at a static position. The buying session during the day remained volatile. However, few contracts were inked at around $1220 per ton, FOB Rotterdam level. By the end of the day, the prices moved slightly on the higher side to be at around $1270-$1290 per ton FOB Rotterdam level for September. When the market closed, the prices stood with in the range of $1220-1270 per ton FOB Rotterdam for September.
On the whole we can say that that market experienced quite a dull session on this day.
Fibre2fashion News Desk - India
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