PX & PTA prices in Korean market to drop by year end

Prices of paraxylene (PX) and purified terephthalic acid (PTA) in the Korean market are expected to drop by the end of this year. The supply of PX is sufficient, however the demand is poor. The supply of PTA is also high, but the recovery of the polyester polymerisation rate is restricted by power rationing, leading to higher inventory level of PTA.

Price of crude oil moved up in October 2021 but is expected to drop in the coming months as EU and Iran have agreed to carry out negotiations at the end of this month, and Iranian crude supply may return to international market. OPEC+ may also raise production by 400,000 barrels a day, causing crude oil prices to drop.

The monthly average price of paraxylene went up by 1.22 per cent from $903.71 per metric ton in Q3 2021 to $914.76 per metric ton in October 2021 due to rise in crude oil prices amid high global demand. Now it is expected to drop by 3.93 per cent to $878.82 per metric ton in December 2021.

The monthly average price of PTA was $708.79 per metric ton in Q3 2021 and $728.10 per metric ton in October 2021. It is expected to decrease further by 4.25 per cent to $697.13 per metric ton in December 2021.

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