European mixed xylenes are likely to continue to be an opportunistic source of cargoes for India, a buyer based in India said Tuesday on the sidelines of the annual EPCA conference in Vienna.
A source estimated a gross profit of around $30/mt for the trade, and that there would be more in October.
Reliance is currently the second largest paraxylene producer globally with a total nameplate capacity of 4.2 million mt a year. Its largest paraxylene unit at Jamnagar, with a capacity of 2.2 million mt/year, started commercial production in January 2017.
However, it said that purchases from Europe would not be a regular event.
Rather, this depends on the dynamics of the market and the possibility of making the trade route work.
Other market sources were also heard eying this trade , with some thinking of participating in it in the future.
European domestic demand for mixed xylenes has been weak in recent times.
–Ng Baoying, firstname.lastname@example.org
–Edited by Jonathan Dart, email@example.com
Source: S&P Global Platts