PX Price In Asian Market

https://www.chemnet.com   Jun 03,2010 ChemNet China

PX: Fell $13 Wednesday to close at $884.50/mt FOB Korea and $902.50/mt CFR Taiwan/China. There were no participants during the Platts Market on Close assessment process and activity was limited as South Korea was closed for a public holiday.

Market sentiments improved slightly over the day as sellers withheld offers.

A July bid was raised from $880/mt CFR in the morning to $890/mt CFR, while another bid for CFR Taiwan rose from $900/mt to $905/mt. All bids were for Asia-origin PX. Traders felt that the market might have been overly pessimistic in the morning on PX as it was sliding much faster
than energy.

"Crude is still above $70/barrel, but buyers are already lowering their bids by more than $20 (compared to Tuesday). I don't think  that's fair to sellers," a trader said. PX has fallen $40, or 4.2%, since Monday with no rebound in sight.

Meanwhile, there was some on-going talk for swapping June cargoes to July, but July to August swaps seem to have died out. "I wonder if the traders are intending to liquidate all their July cargoes this month," a Japanese trader commented.

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