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Paraxylene market remains dull
09
Sep '08
Paraxylene market, on September 8, remained inactive due to lesser interest from both buyers and sellers side. In the European region, offer prices from seller stood at around US $1250 per ton FOB Rotterdam for September trade; while quotations from buyers stood at below $1150 per ton FOB Rotterdam for September.

However market closed at around $1150-1200 per ton FOB Rotterdam for September. On the whole on this day, market activity was quite dull.

On the Asian region, paraxylene market was a bit relaxed following a huge drop in prices from last week. Sellers are trying to overcome the previous plunge. Prices remained stable at around $1200-$1250 per ton CFR Taiwan/China for October contracts.

Today, PX price decreased by $150 per ton from $1350 per ton to $1200 per ton, following a plunge in crude prices and quite market. The prices are expected to turn better after festival season in many countries in Asia. Price of PX stood at $1220 per ton FOB Korea; $1210 per ton CFR South East Asia.

In the downstream, PTA spot market also had a slow day due to minimal interest from the traders. The market closed flat at $950-$960 per ton CFR china. In the meantime, RMB market softened to finish at below 7900 per ton.

Price of PTA $950 per ton CFR Far East Asia; $950 per ton CFR South East Asia; $950 per ton CNF India. PTA prices saw a significant drop by $65 per ton from $1000 per ton to $955 per ton due to weak demand and raw material price decline.

MEG price also fell by $65 per ton from $880 per ton to $815 per ton as raw material price declined due to low demand in the month of Ramadan. Some of the plants also went for regular maintenance so that they can improve production according to the demand for the year end festivals. Price of MEG $820 per ton CNF India; MEG $815 per ton CIF China.

Fibre2fashion News Desk - India

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