Paraxylene (PX) prices hiked sharply supported by the strength in the upstream crude sector as well as growing demand in downstream polyester sector.
Sources reported that sudden rise in crude prices had encouraged PX traders to raise their offers.
Spot prices are pegged at around US $1040 per metric ton FOB Korea mark.
However, contract prices for late May are as quoted by BP Global stand around $1050 per metric ton CFR Taiwan level.
BP Global's main activities include exploration and production of crude oil and natural gas, refining, marketing, supply and transportation as well as the manufacture and marketing of petrochemicals.
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