Uncertain energy prices have pushed Paraxylene (PX) bids in Asia to lower levels on Tuesday.
Buyers opted to step back as crude and naphtha rates dropped sharply.
But, sellers claimed that stability in PX fundamentals will make markets bullish.
Sources said energy prices have remained above the $60 per barrel mark for sometime.
Prices of crude may not decline too sharply due to several geopolitical factors keeping downstream PX prices firm.
Demand in the polyester derivative markets has been weak for several weeks and will begin to lift April onward.
This trend will further generate demand for PX in the region.
Availability of PX remains constrained in Asia and upstream prices of isomer grade MX are also moving upwards.
Presently buyers bid for PX between $980 per metric ton to $990 per metric ton CFR Taiwan is being stalled by sellers with offers of $1000 per metric ton CFR levels and above, not succumbing to pressures of energy pricing volatility, sources said.
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