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Oversupply weighs on Asia’s paraxylene prices
Asia’s spot paraxylene (PX) prices are likely to remain under downward pressure from ample regional supply amid continued weakness in downstream markets, industry sources said. Asia’s PX inventory remained high, with end-users not likely to hold on to excess volumes in the near term, market sources said. Cargoes from Singapore, India, the Middle East and the US for November and December shipments remained on offer in Asia. Excess monthly supply is estimated at 20,000 tonnes, but traders said that the combined volumes for October and November shipments could be as high as 100,000 tonnes, augmented by Europe cargoes, market sources said.
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