Prices of key petrochemical products have been flaring up since the last few days in the Asian markets in the last few days. In the last week for instance prices of MEG shot up by nearly 16 percent in a matter of just five days.
Prices of Paraxylene (PX) too have not been left behind in the bull run and have crossed the psychological US $1,000 per ton barrier to set a new six month high, pushed up by renewed demand and tight supply.
On Monday, Paraxylene prices were quoting at $1,035 per ton (CFR Taiwan). Prices have risen by nearly $80 per ton since the last one week.
Prices of Purified Terephthalic Acid (PTA) too have bounded northwards, since Paraxylene is feedstock for PTA and the short supply of PX in Asian and particularly Chinese markets is fuelling the prices of PTA in the petrochemical markets.
Prices of PTA for instance, hit and closed at $840-850 per ton (CFR China) last Friday corresponding to $680 per ton in mid-March.
Fibre2fashion News Desk - India
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