Sellers had a slight upper-hand as regards Paraxylene (PX) markets in Asia due to the ample supply for spot dealing.
Buyers are queing up to seal deals fearing shortage in the coming months, due to power outage that forced closure of operations at GS Caltex aromatics complex in Yeosu South Korea.
Sources reported that all these activities have affected the prices that shot up suddenly to US $1030 per metric ton FOB Korea levels.
However, Buyer bids stand at around $1020 per metric ton levels showing some resistance.
Sellers are not accepting the buyer bids, confident that the prices are bound to climb further.
Buyers explain that their bids are reasonable as the prices in the PTA sector were not raised and if this continues, such high PX prices will be impossible to bear.
Meanwhile, PTA traders are stressed as the buyers resist offers even as low as $805 per metric ton CFR mark.
marketing@alchempro.com
