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Crude oil prices dip, PX faces no such pressure

19
Jan '10
While crude oil prices are falling back, the market is still consolidating within a narrow range of around US $80, which obviously has had less impact on Paraxylene (PX) prices and they are mainly influenced by strong demand and supply of raw materials in Asian region.

Naphtha prices reached $771 per ton, CFR Japan on January 11, to set the highest level since
September 2008, mainly because of tight supply of naphtha in Asia.

It is learnt that production levels in the Middle East continues to be lower than normal and European supply is slower than expected. Meanwhile, demand from cracker units in Northeast Asia is maintaining a healthy pace.

Asian ethylene market in the week rose sharply being bolstered by tight supply. Market participants expect tight supply situation will not ease in February too; leading ethylene prices to maintain an upward trend and will help provide strong cost support to PX market.

In China, the 840,000 PX plant of CNOOC Huizhou stopped production during the previous weekend due to the failure of Xylene device, affecting part of its supply.

In demand side, the operating rate of PTA plants in Asian region has partly recovered from the previous month, polyester prices in downstream production chain have seen increases in varying degrees, sale situation is good, and therefore PX market faces no risks to decline further.

Fibre2fashion News Desk


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