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| Asian PX prices fall to this year's low |
| According to Standard&Poor’s Global Commodity Insights, as of July 24th, the price of para xylene (PX) in Asia has hit a low point this year due to increasing supply and weak demand in the region. According to data from S&P Global, on July 24th, the price of PX in Asia (ton price, the same below) fell by $6 to $1000.5, the lowest level so far this year. A trader in Singapore said, "As the market’s willingness to buy weakens and producers increase production rates, leading to oversupply, spot prices are steadily falling. In this situation, buyers are not buying in the spot market, but waiting for lower prices." It is reported that the initial signs of weakness in the PX spot market have already emerged in the first half of 2024. As the demand for gasoline blending products weakens, producers who previously sought to produce gasoline blending components have now turned to producing PX, increasing the possibility of oversupply in the PX market. A trader from South Korea pointed out that in addition to weak demand for gasoline blending, the difficulties in downstream industries have further exacerbated concerns related to consumption. He also expressed poor demand for polyester. S&P Global stated that high inventory and weak purchasing interest have prompted major downstream producers in Northeast Asia to significantly reduce prices in order to attract customers. According to S&P Global data, the spot price of PX in Asia reached its highest level of $1160 on September 15th last year. The third quarter is usually the peak demand season, and the market demand has been very strong in the third quarter of the past three years. August and September are usually the highest price points, but the situation is different this year. "A PTA producer in Northeast Asia said," Due to weak downstream demand, producers are reducing operating rates Despite oversupply, a PX producer in Southeast Asia has decided to increase operating rates, as the price difference between benzene and naphtha has provided support. At the same time, another producer in the region is currently maintaining the operating rate of its xylene unit at around 87%. |
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| Release time: 2024-08-15 Click: 86 |
Company Name: Tianjin Shengfan Technology Corporation
Mobile Phone: 86-16600237486
Email: chris@dyessf.com
Website: www.dyessf.com
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