Paraxylene price may surge in second half of 2021: TexPro

29 Jun '21

2 min read

Pic: Shutterstock

Paraxylene price is expected to rise moderately in the second half of 2021 as the global demand increases due to vaccinations and new business strategies. Paraxylene’s free on board (FOB) Korea price may reach $903.41 per mt in December 2021, while its cost and freight (CFR) Taiwan price may go up to $909.44 per mt by the end of this year.

The price growth is supported by rising crude oil demand and strong downstream purified terephthalic acid (PTA) market.

The FOB Korea price of paraxylene was $662.86 per mt in January 2021, which increased by 23.36 per cent to $817.73 per mt in Q1 2021. It further rose by 4.07 per cent in June 2021 due to global demand recovery, according to Fibre2Fashion’s market analysis tool TexPro.

The CFR Taiwan price of paraxylene went from $671.43 per mt in January 2021 to $835.87 per mt in Q1 2021, recording a significant growth of 24.49 per cent. It increased again by 3.11 per cent to $861.84 per mt in June 2021.

In Q1 2021, the price of paraxylene strengthened as crude oil price rose due to the implementation of the stimulus plan in the US. In February 2021, OPEC+ had agreed on production cuts. Paraxylene inventory reduced as downstream PTA plants maintained high operating rates and its imports in China also dropped due to the Spring Festival holiday in February 2021.

Fibre2Fashion News Desk (KD)

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