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Para-Xylene prices plunge with falling crude
03
Sep '08
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.

Fibre2fashion News Desk - India

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