US spot paraxylene was assessed at a five-month high of $1,460/mt FOB US Gulf Coast on Wednesday.
The last time spot paraxylene was seen higher than this level was on March 21, when it was assessed at $1,475/mt FOB USG, according to Platts data.
Spot prices have been on an upward trend since July 29, when they were assessed at $1,420/mt FOB USG, tracking higher movement in the Asian paraxylene market despite slower demand in the US, sources said.
The US is a net exporter of paraxylene to Asia, which means the US market will be impacted by what happens in the Asian paraxylene market, sources said.
Although Asian paraxylene prices have moved higher amid stronger demand in downstream markets, some sources are skeptical about Asia becoming heavily dependent on US product as it is currently long in supply.
No firm bids, offers or trades were heard Thursday morning.