Asia's Paraxylene (PX) markets remained dull at lower spot rates as bid prices slid further in face of a fall in downstream Purefied Terpthalic Acid (PTA) prices coupled with weaker upstream energy values.
Buyers have withdrawn and offer of further discounts have also been unsuccessful luring them away from the prevailing sentiments.
Asian PX notional bids this morning were quoted at unworkable levels below $940 per metric ton FOB Korea mark, sources said.
Majority of PX buyers had set up April purchases in the previous month itself, which has further contributed to weaker market trends, they said.
Under these circumstances traders with large PX inventory may be forced to bring down prices drastically to liquidate their cargoes which may further turn markets bearish.
marketing@alchempro.com
