US spot MX hits near 3-month high on continued supply tightness: trade
Houston (Platts)--10Dec2012/551 pm EST/2251 GMT
US spot mixed xylenes rose 5 cents/gal ($15.15/mt) Monday to a near
three-month high at $4.80/gal ($1,469.55/mt) FOB US Gulf Coast on continued
tight supply, sources said.
Bids were heard at $4.65/gal FOB US Gulf, against a prompt offer heard at
US spot MX has risen 88 cents over the last month since being assessed
as low as $3.92/gal on November 5, according to Platts data. An arbitrage
window was open to Asia for the first half of November, with as much as
20,000 mt of product heard sent to Asia. Since then, the US has gotten tight
on product, sources said.
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US spot MX was assessed at a record high of $4.85/gal FOB USG on
September 19, according to Platts data.
Downstream paraxylene rose $10/mt to a near nine-month high assessment
at $1,555/mt FOB USG on higher MX values as well as higher prices in Asia.
The last time US PX was at this level was March 14 at an assessment of
$1,565/mt FOB USG, according to Platts data.
With Asian PX assessed $10/mt higher Monday at $1,634/mt FOB Korea and
$1,658/mt CFR Taiwan/China, the arbitrage window from the US to Asia was
open, sources said.
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--Edited by Robert DiNardo, firstname.lastname@example.org