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Petchem price trends in Asia

March 07/2012
(yarnsandfibers) --  Asian paraxylene market spiked day on day Friday driven by a surge in ICE Brent crude futures as it rose USD2.35 a barrel day on day. Further reports of maintenance shutdown also influenced the market. Japan\'s top refiner JX Nippon Oil & Energy Corp plans to shut its 400,000 ton a year paraxylene unit at Chita plant in west Japan in May-June for scheduled maintenance.
 With sentiment for PTA relatively passable and MEG market stalemated and tossed between strong PTA futures and weak demand from downstream, the polyester chips markets in Asia appeared mixed this week. Prices variation greatly depended on sellers or volumes.
 Asian monoethylene glycol prices were driven by some spot demand amid firmer futures on the Zhengzhou Commodity Exchange. In China, tanks were still fully covered implying overall supply will be relatively abundant in future. Sharp rises in ethylene prices, production issues and sustained offtake from the PET market helped pull European monoethylene glycol prices higher this week. 

Ethylene prices rebounded on the last day of the week in Asian markets after two flat days of trade, propelled by tightening of supplies and higher crude and naphtha prices. In Europe, ethylene spot prices touched new highs, bolstered by rallying naphtha prices and various production issues in the European cracker system.

Author:Anna Larionova
Tags:paraksilol, terephthalic acid, ethylene.
Category:General News
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