Significant increase in supply of Paraxylene (PX) is expected to further impact the market, dragging PX prices further. Current spot price of CFR Taiwan/China has declined to US $1105-1110 per ton and spot price of FOB South Korea stands at $1085-1090 per ton and is expected to fall by $35 per ton within the week.
Currently the market is troubled by the impending increase of PX supply, since PX plants in Asian region, which were under overhaul in previous months, have gradually resumed production and due to high profits in the raw material, some new devices are about to put into operation.
Due to which, market experts expect the market to turn bearish. On an assumption in fall of PX prices, PTA manufacturers in lower reaches have put on hold new purchase orders, which will push PX prices to even more lower levels.
The polyester market is about to enter off-season mode, due to which production and marketing rate of polyester products has decreased, leading to an increase in inventory levels, and since the market is not optimistic, this has increased pessimism in the PX market.
Fibre2fashion News Desk - China
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