PX prices turn weak, MEG remains steady

16 Sep '10

1 min read

Paraxylene declined due to weak upstream markets. In S E Asian market, PX price declined to US $980-985 / ton. Price of PX imported from Korea was quoted in the range of $965-970 / ton. Offers for October and November delivery stood at $967 / ton and $962 / ton, respectively.

However, offer price of PTA was galloping higher in S E Asian markets. Trading price was in the range of $900-905 / ton, whereas; offer price surged to $910-915 / ton. Speculators still adopted firm stance of wait and watch, due to uncertain market atmosphere.

Ethylene price went up due to firm downstream demand and was assessed in the range of $985-990 / ton. In European market, price of ethylene stood steady at around $1010-1020 / ton and in US market, price increased to 33.5 cents / pound.

MEG market was stable at level of $800 / ton in the S E Asian market. Counter offer for MEG was still around $795 / ton, but sellers were firm with offers above $805 / ton. Speculators preferred to stay away from any fresh buying.

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