Asian prices of Paraxylene (PX) on Thursday were on a record high since past decade in the region.
Surging crude and naphtha values pushed up buying sentiments in Asia with spot PX prices spiraling to US $1070 per metric ton CFR Taiwan mark.
This morning's PX offers were steady, notwithstanding the decline in overnight crude prices.
Sources said, sellers are confidently defending their offers at higher levels rejecting a bid from regional buyer at $1065 per metric ton CFR Taiwan mark and are targeting sales at $1070 per metric ton CFR levels and above.
KP Chemical of South Korea's scheduled maintenance shutdown next month at its 200 kilo ton per annum PX and 40 kilo ton per annum OX swing plant in Ulsan has been instrumental in keeping markets buoyed up while improved derivative sector is further pushing up market fundamentals.
Market activity in Asia was expected to slide beginning with May Day holidays in China next month, but opinions has altered presently as it is now believed that the direction of trend will be dictated by energy price strength.
marketing@alchempro.com
