Asian paraxylene prices fell to the lowest level in nearly six years at $809/mt CFR Taiwan/China on Wednesday, December 17, under the pressure of lower crude oil and downstream prices, Platts data shows.
The last low was on January 16, 2009, also at $809/mt CFR Taiwan/China.
Since the start of the fourth quarter, the PX price has tumbled $401.50/mt, or 33.2%, from $1,210.50/mt CFR Taiwan/China on October 1, alongside falling crude oil prices and startup of new PX plants.
This year, around 7 million mt/year of new PX capacity has started up in Asia and the Middle East.
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The PX market did not react as much as expected to the rising supply until the third quarter but has since started to fall sharply after all the projects came fully online in Q4.
– Platts.com
