21 June 2024

Para/Ortho-Xylenes
Asia Pacific
Chemical Prices | News | Analysis Editor: Samuel Wong

Overview | Outlook | Prices | Upstream | Downstream | Production

Please click here for full details on the criteria ICIS uses in making these price assessments.

Overview
PX
• PX, naphtha price gap narrows further
• TDP, Parex production margin improves amid soft gasoline demand
• Market structure stayed in a slight backwardation

The Asian paraxylene (PX) markets had been sandwiched between firmer upstream crude and
naphtha markets, and against an underperforming downstream purified terephthalic acid (PTA)
market.
As a result, the price gap between PX and naphtha narrowed further compared to the previous
week.
The price gap between feedstock isomer grade mixed xylenes (MX) and PX, and feedstock
toluene and PX improved, amid a lack of strong demand for octane components from the
gasoline blending sectors.

ICIS accepts no liability for commercial decisions based on the content of this report. Unauthorised reproduction, onward transmission or copying of Para/Ortho-Xylenes (Asia Pacific) in either
its electronic or hard copy format is illegal. Should you require a licence or additional copies, please contact ICIS at sales.uk@icis.com.
Para/Ortho-Xylenes (Asia Pacific) | 21 June 2024 | www.icis.com
1
Para/Ortho-Xylenes Asia Pacific
Supply is expected to increase gradually, with the restart of previously shut PX facilities, and an
improvement in production margins for PX.
Demand highly hinges on downstream PTA operating rates in China, which is dependent on PTA
production margins.
OX
• Availability remains tight for spot cargoes
• Importers in India await clearer local supply outlook
• Limited demand from rest of Asia for spot cargoes

Supply for orthoxylene (OX) in Asia stayed tight, with an upcoming scheduled maintenance in
Taiwan going forward, and low inventories seen in China.
Taiwan’s FCFC plans to have a maintenance shutdown at its No 2 unit in mid-July.
Despite lower feedstock isomer grade mixed xylenes (MX) costs, regional suppliers were not in a
hurry to lower their selling indications, amid low inventories at their facilities.
Furthermore, inventories in China had been kept low, following large volumes of export sales to
India recently.
Outside of India, downstream phthalic anhydride (PA) end-users stayed at the sidelines, with
majority of them just relying on contractual OX term volumes.
Squeezed downstream margins curbed strong buying intentions from end-users.

ICIS accepts no liability for commercial decisions based on the content of this report. Unauthorised reproduction, onward transmission or copying of Para/Ortho-Xylenes (Asia Pacific) in either
its electronic or hard copy format is illegal. Should you require a licence or additional copies, please contact ICIS at sales.uk@icis.com.
Para/Ortho-Xylenes (Asia Pacific) | 21 June 2024 | www.icis.com
2
Para/Ortho-Xylenes Asia Pacific
Outlook
PX
• Supply, demand fundamentals relatively healthy
• Eyes on demand developments in the downstream sector
• Buyers to step in as PX, naphtha price gap approaches year low

OX
• Near-term supply to remain snug
• OX production margins to stay healthy
• Demand for spot dependent on downstream production margins

Prices
SPOT PRICES - PRICE RANGE AT CLOSE OF BUSINESS FRIDAY
Price Range Four Weeks Ago US CTS/lb
Paraxylene
FOB South Korea USD/tonne -3 1015.00-1017.00 -3 1017.00-1019.00 46.04-46.13
CFR Taiwan USD/tonne -3 1037.00-1039.00 -3 1039.00-1041.00 47.04-47.13
CFR China Main Ports USD/tonne -3 1037-1039 -3 1039-1041 47.04-47.13
Ex-Tank China CNY/tonne -15 8686-8686 -15 8681-8681 54.26-54.26
CFR SE Asia USD/tonne -3 1027-1029 -3 1029-1031 46.58-46.67
CFR Taiwan Asia Origin USD/tonne -3 1037.00-1039.00 -3 1039.00-1041.00 47.04-47.13
CFR China Main Ports Asia
USD/tonne -3 1037-1039 -3 1039-1041 47.04-47.13
Origin

SPOT PRICES - PRICE RANGE FOR THE WEEK

Price Range Four Weeks Ago US CTS/lb
Paraxylene
FOB South Korea USD/tonne -2 1015.00-1017.00 -2 1009.00-1011.00 46.04-46.13
CFR Taiwan USD/tonne -2 1037.00-1039.00 -2 1031.00-1033.00 47.04-47.13
CFR China Main Ports USD/tonne -2 1037-1039 -2 1031-1033 47.04-47.13
Ex-Tank China CNY/tonne -7 8682-8682 -7 8604-8604 54.24-54.24
CFR SE Asia USD/tonne -2 1027.00-1029.00 -2 1021.00-1023.00 46.58-46.67
CFR Taiwan Asia Origin USD/tonne -2 1037.00-1039.00 -2 1031.00-1033.00 47.04-47.13
CFR China Main Ports Asia
USD/tonne -2 1037-1039 -2 1031-1033 47.04-47.13
Origin

PREMIUMS/DISCOUNTS 50% ACP: 50% SPOT AVERAGE OF CFR TAIWAN/CHINA MAIN PORT - PRICE RANGE AT CLOSE OF BUSINESS FRIDA
Price Range Four Weeks Ago US CTS/lb
Paraxylene
CFR Taiwan/China Main
USD/tonne n/c 0.00-2.00 n/c 0.00-2.00 0-0.09
Ports

PREMIUMS/DISCOUNTS 50% ACP: 50% SPOT AVERAGE OF CFR TAIWAN/CHINA MAIN PORT - PRICE RANGE FOR THE WEEK
Price Range Four Weeks Ago US CTS/lb
Paraxylene
CFR Taiwan/China Main
USD/tonne n/c 0.00-2.00 n/c 0.00-2.00 0-0.09
Ports

CONTRACT PRICES
Price Range One Year Ago US CTS/lb
Paraxylene
CFR Asia Q1 USD/tonne +12 1024.00-1024.00 +12 1036.00-1036.00 46.45-46.45
CFR Asia MAY USD/tonne -27 1026.00-1028.00 -26 997.00-1002.00 46.54-46.63
DEL China MAY CNY/tonne -270 8490.00-8490.00 -270 8100.00-8100.00 53.04-53.04

ICIS accepts no liability for commercial decisions based on the content of this report. Unauthorised reproduction, onward transmission or copying of Para/Ortho-Xylenes (Asia Pacific) in either
its electronic or hard copy format is illegal. Should you require a licence or additional copies, please contact ICIS at sales.uk@icis.com.
Para/Ortho-Xylenes (Asia Pacific) | 21 June 2024 | www.icis.com
3
Para/Ortho-Xylenes Asia Pacific

The average operating rates of PX facilities in China increased week on week to 82%.
Weilian Chemical had restarted its PX plants after completion of its scheduled maintenance.
Overall operating rates of PX facilities within the country is expected to be kept high in the near
term, amid a lack of scheduled maintenance plans at major production facilities in the near
term.
Supply conditions outside of China is expected to increase as well, with previously shut units
planned to be restarted after completion of their maintenance works.
Hanwha TotalEnergies Petrochemical had restarted its No 1 PX unit, while another South Korean
producer is expected to restart its PX unit in the following week.
Feedstock Spread - Isomer Xylenes and PX Asia

ICIS accepts no liability for commercial decisions based on the content of this report. Unauthorised reproduction, onward transmission or copying of Para/Ortho-Xylenes (Asia Pacific) in either
its electronic or hard copy format is illegal. Should you require a licence or additional copies, please contact ICIS at sales.uk@icis.com.
Para/Ortho-Xylenes (Asia Pacific) | 21 June 2024 | www.icis.com
4
Para/Ortho-Xylenes Asia Pacific

As seen on the chart above, the price gap between PX and MX had been on a steady increase,
and this should entice PX producers to keep run rates relatively high.
Downstream Spread - Toluene and PX Asia

ICIS accepts no liability for commercial decisions based on the content of this report. Unauthorised reproduction, onward transmission or copying of Para/Ortho-Xylenes (Asia Pacific) in either
its electronic or hard copy format is illegal. Should you require a licence or additional copies, please contact ICIS at sales.uk@icis.com.
Para/Ortho-Xylenes (Asia Pacific) | 21 June 2024 | www.icis.com
5
Para/Ortho-Xylenes Asia Pacific

The price gap between feedstock toluene and PX had also hovered around the healthy levels.
As a result of improved price gap between PX and MX, and PX and toluene, that had exerted a
slight downward pressure on the price gap between PX and naphtha.
A narrower price spread between feedstock PX and PTA in the Chinese domestic markets had
exerted a downward pressure on PX prices.
A sustained narrow price spread between PX and PTA could curtail higher run rates at PTA
facilities going forward.
Fragility within the market continues, as market participants continue to eye demand
developments in the downstream PTA and polyester markets.
The intermonth spread between August and September stood at a slight backwardation of
around $1/tonne, while floating formula discussions were mostly around parity to premiums of
$2/tonne.

ICIS accepts no liability for commercial decisions based on the content of this report. Unauthorised reproduction, onward transmission or copying of Para/Ortho-Xylenes (Asia Pacific) in either
its electronic or hard copy format is illegal. Should you require a licence or additional copies, please contact ICIS at sales.uk@icis.com.
Para/Ortho-Xylenes (Asia Pacific) | 21 June 2024 | www.icis.com
6
Para/Ortho-Xylenes Asia Pacific

The price differential between PX and naphtha for July paper swaps continued to be on a
downward trajectory as shown on the chart above.
Asia spot
CFR Taiwan/China
Day Date 2nd 3rd 4th Average Low End High End
Mon 17-Jun Non-publishing
Tue 18-Jun 1031.00 1031.00 1031 1030 1032
Wed 19-Jun 1039.50 1039.50 1040 1039 1041
Thu 20-Jun 1043.00 1043.00 1043 1042 1044
Fri 21-Jun 1038.00 1038.00 1038 1037 1039
Weekly Price 1038 1037 1039

CFR Taiwan/China Asia Origin

Day Date 2nd 3rd 4th Average Low End High End
Mon 17-Jun Non-publishing
Tue 18-Jun 1031.00 1031.00 1031 1030 1032
Wed 19-Jun 1039.50 1039.50 1040 1039 1041
Thu 20-Jun 1043.00 1043.00 1043 1042 1044
Fri 21-Jun 1038.00 1038.00 1038 1037 1039
Weekly Price 1038 1037 1039

FOB Korea
Day Date 2nd 3rd 4th Average Low End High End
Mon 17-Jun Non-publishing
Tue 18-Jun 1009.00 1009.00 1009 1008 1010
Wed 19-Jun 1017.50 1017.50 1018 1017 1019
Thu 20-Jun 1021.00 1021.00 1021 1020 1022
Fri 21-Jun 1016.00 1016.00 1016 1015 1017
Weekly Price 1016 1015 1017

Deal list (5kt per lot, LC basis)

Date Price (CFR) Shipping Period Seller Name Buyer Name Origin
18-Jun 1030.00 September Hengli GS Caltex Asia
19-Jun 1040.00 August Hengli SKGC Asia
19-Jun 1039.00 August Hengli GS Caltex Asia
20-Jun 1043.00 August CB Ningbo GS Caltex Asia
20-Jun 1041.00 September Hengli GS Caltex Asia

ICIS accepts no liability for commercial decisions based on the content of this report. Unauthorised reproduction, onward transmission or copying of Para/Ortho-Xylenes (Asia Pacific) in either
its electronic or hard copy format is illegal. Should you require a licence or additional copies, please contact ICIS at sales.uk@icis.com.
Para/Ortho-Xylenes (Asia Pacific) | 21 June 2024 | www.icis.com
7
Para/Ortho-Xylenes Asia Pacific
SPOT PRICES
Price Range Four Weeks Ago US CTS/lb
Orthoxylene
CFR NE Asia USD/tonne n/c 1050.00-1200.00 +50 1050.00-1150.00 47.63-54.43
FOB NE Asia USD/tonne n/c 1050.00-1150.00 +50 1050.00-1100.00 47.63-52.16
CFR SE Asia USD/tonne n/c 1050.00-1200.00 +50 1050.00-1150.00 47.63-54.43

Buyers in India retreated to the sidelines, awaiting a clearer supply condition going forward.
Several market participants noted that supply in India could gradually increase, with a local
supplier expected to increase run rates amid improved aromatics margins, on the back of soft
demand from the gasoline blending sector.
In addition, several spot import cargoes were booked for May to June loading from northeast
Asia.
As supply remains tight, selling indications were adjusted higher at $1,150/tonne FOB northeast
Asia and above.
Buyers on the other hand were unwilling to chase prices higher, as downstream production
margins stayed squeezed.
Majority of end-users continued to rely largely on contractual term volumes.
South Korea's Aekyung Chemical plans to shut its 20,000 tonne/year PA line in July.

Upstream
Click here for the Asia feedstocks and petrochemicals weekly summary.

Downstream
PX

• China's PTA average operating rates down to 75%

• Weilian Chemical restarts, Xinjiang Zhongtai Chemical shuts

ICIS accepts no liability for commercial decisions based on the content of this report. Unauthorised reproduction, onward transmission or copying of Para/Ortho-Xylenes (Asia Pacific) in either
its electronic or hard copy format is illegal. Should you require a licence or additional copies, please contact ICIS at sales.uk@icis.com.
Para/Ortho-Xylenes (Asia Pacific) | 21 June 2024 | www.icis.com
8
Para/Ortho-Xylenes Asia Pacific

• Chinese PX, PTA trends lower

• Weak PTA production margins could curtail higher run rates in near term

OX
• Higher freight cost drove up landed price for PA
• SE Asian buyers mostly stayed out of spot market, some activities in India
• SE Asian market still experiencing wide offer levels from different origins

Production

ICIS accepts no liability for commercial decisions based on the content of this report. Unauthorised reproduction, onward transmission or copying of Para/Ortho-Xylenes (Asia Pacific) in either
its electronic or hard copy format is illegal. Should you require a licence or additional copies, please contact ICIS at sales.uk@icis.com.
Para/Ortho-Xylenes (Asia Pacific) | 21 June 2024 | www.icis.com
9
Para/Ortho-Xylenes Asia Pacific

Full Report List | Methodology | Publishing Schedule | Glossary

KEY PRODUCTS & SERVICES

ICIS News | Supply & Demand | Analysis & Forecasting | Training | Consulting |
Magazine

Para/Ortho-Xylenes
Asia Pacific

Quadrant House, The Quadrant, For information about multiple Pricing information from ICIS Editor
Sutton, Surrey. SM2 5AS. UK subscriptions and licenses to is also available via the Samuel
this information product, or for Subscriber service. +65 6780 4373
Wong
Website: www.icis.com permission to photocopy or samuel.wong@icis.com
redistribute individual reports, ICIS Subscriber Homepage is
ICIS Client Success please call the relevant office: a platform that enables you to
see pricing, news and analysis
Asia Pacific: +65 6588 3955 in a single screen.
China (Toll +86 400 7200 Singapore +65 6789 8828
Free): 222 sales.ap@icis.com Visit
Europe & +44 20 8652 London +44 20 8652 www.icis.com/explore/services
Middle East: 3335 3335 to find out more.
Americas: +1 713 525 sales.uk@icis.com
2613 Houston +1 713 525 2600 Publisher
US & Canada +1 888 525 sales.us@icis.com Jeff Skelton, Managing
(Toll Free): 3255 Director, ICIS
clientsuccess@icis.com

Para/Ortho-Xylenes (Asia Pacific) is published weekdays by ICIS, Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS. United Kingdom. ICIS accept no liability for
commercial decisions based on the content of this report. Copyright violation is a serious offence. Any distribution or forwarding of information that is not expressly
permitted by your subscription agreement is a copyright violation. ICIS uses software to monitor unauthorised electronic redistribution of reports. Copyright ©
2024 LexisNexis Risk Solutions Group. ICIS is part of the LexisNexis® Risk Solutions Group portfolio of brands
Para/Ortho-Xylenes (Asia Pacific) | 21 June 2024 | www.icis.com 10