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Chinese markets to achieve self-sufficiency in PX by 2010

26
Oct '09
In the just concluded week, Paraxylene (PX) prices fell by US $5 to close at $908 per ton FOB Korea, and $927 per ton CFR Taiwan / China. Nippon Oil initiated November contract price in Asia at $1020 per ton CFR Asia.

In the morning session on Friday, sellers were quoting November shipments at $930 per ton CFR, which fell to $925 in the afternoon, but did not attract buyers.

On Wednesday, PTA price fell by $15 to close at $830 per ton CFR China and the most active contract at Zhengzhou Commodity Exchange fell 228 Yuan to settle at 7,156 Yuan per ton.

The decline of PTA price was considered to be a normal adjustment in line with recent price increase, while the drop of PX prices met the expectations of most traders who had believed PX prices to be too high.

In the long run, as new PX capacity in China will be gradually be put into operation, PX supply in Asian region should further increase. In the remaining part of this year, four new PX plants will be put into operation.

Production capacity will increase by 3.2 million tons per year. Another two PX plants are expected to go on-stream in 2010, by which time, China will achieve self-sufficiency in supply of PX.

Fibre2fashion News Desk - India


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