Asian Paraxylene (PX) prices shot up this morning on back of gains registered at the begining this week in the region.
Firming up of prices expectedly found trading in the sluggish mode.
But buyers who required the product put up their convenient bids.
A leading regional player's bid at $1050 per metric ton CFR Taiwan mark level found no sellers.
It is being given to understand that Exxon Mobil and Japan Energy's Asian Contract Price (ACP) for May has been nominated at $1,060 per metric ton mark, sources said.
May month contract prices indicate a surge compared to April settlement price which was at $950 per metric ton CFR Asia level, further confirming strengthening of market trend.
Buyers on other hand predict final settlement prices to be lower.
In spite of improved fundamentals, buyers will continue to insist on discounts.
But on back of strengthening of crude, naphtha and isomer grade MX, market presently favours sellers.
Upward trend in Asian PX markets and lifting of spot prices in region has been due to improved PTA markets and improved buying sentiments in derivative sectors such as polyester, sources said.
marketing@alchempro.com
