US Paraxylene Prices Breach USD 1100/MT Mark, Short Term Outlook Firm
Paraxylene prices have continue their rally upwards in USA, consolidating on strong crude oil market sentiment. Paraxylene market started the year on a firm note and has been gaining further inroads into February 2022. In recent assessments, Paraxylene prices in USA has crossed USD 1100 per MT and were assessed on USD 1105 per MT on FOB basis. Fate of crude oil and aromatics has been intertwined since long and recent developments have vindicated the above statement. Continuous climb in crude oil prices have resulted in strong cost pressure and culminated in refiners opting for robust prices for aromatics. Consequently, Paraxylene prices have consistently gained in last few weeks. Crude oil prices have climbed significantly since the beginning of the year and both ICE Brent and WTI crude were traded in excess of USD 90 per barrel in February. Paraxylene forms a key component in Polyethylene Terephthalate (PET) value chain where Paraxylene acts as critical upstream for feedstock Puri...