Prices for Asian PX slipped US$0.50/tonne in morning trading Dec. 1 to US$1,394/tonne CFR Taiwan/China but rebound sharply on news of China's central bank reducing reserve requirements ratio; February cargoes rose U$$25/tonne to US$1,375/tonne CFR
December 1, 2011
– Paraxylene in Asia dropped US$0.50 per tonne in morning trading Dec. 1 to US$1,394/cost and freight Taiwan and China, Platts reported Dec. 1.
Platts noted that prices for January PX were up $21/tonne on higher bids for February arrival shipments, which increased from $1,350/tonne CFR to $1,375/tonne CFR Dec. 1. Platts attributed the increase to the announcement by China's central bank to reduce its reserve requirement ratio by 0.5%.
Further downstream, futures for purified terephthalic acid soared on China's Zhengzhou Commodity Exchange by yuan 256/tonne (US$40/tonne).
The primary source of this article is Platts, New York, New York, Dec. 1, 2011.