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PX plant shut down leads to spike in prices
29
Jul '09
The Paraxylene (PX) plant owned by Formosa Chemicals and Fibre Corp with an annual production capacity of 700,000 tons has entered force majuere due to a mechanical failure.

This has pushed PX spot price in Asia up by nearly 7 percent in the last two weeks to touch US $1,090 per ton, which has also led to a rise in prices of Pure Terephthalic Acid (PTA).

Companies say that PX and PTA are main raw materials for polyester fibre and add by saying that this price rise will not be conducive to the operation of polyester fibre plants, as margins will be squeezed.

However, two plants; a CNOOC PX plant with an annual output of 800,000 ton located in Huizhou and Fu Jia PX plant with annual production of 700,000 ton in Dalian in China are expected to begin production in August which is expected to ease the supply.

Demand for PTA has turned strong, showing a bullish situation, even in the off-season leading to a firming up of PTA and PX market. PX spot price stands at US $1,000 per ton mark.

Formosa Chemicals and Fibre Corp suddenly shut production due to an accident at one of production plants and is expected to be back on-stream within ten days, which has led to the spike in PX prices.

Fibre2fashion News Desk - India

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