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According to Platts Energy Information Network on November 30, market participants said that next year's global paraxylene (PX) market will still focus on Asia, especially China
.
Asian markets will remain oversupplied
Asian markets will remain oversupplied Asian markets will remain oversuppliedMarket participants expect the oversupply in the Asian PX market to continue into the first half of 2021
.
Market participants expect the oversupply in the Asian PX market to continue into the first half of 2021
.
With production margins chronically below breakeven levels, operating rates at PX units in Asia have declined and supply and demand are rebalancing
.
New demand for PX from China's new PTA capacity will also help absorb excess supply of PX in the first quarter of 2021
.
However, all eyes of the PX market are on the commissioning of the Zhejiang Petrochemical Phase II project
.
Weak demand in European market
Market participants typically stockpile PX cargoes during the winter and spring for peak summer demand, but market conditions in 2021 may be different due to the coronavirus, a European trader said
.
Market participants typically stockpile PX cargoes during the winter and spring for peak summer demand, but market conditions in 2021 may be different due to the coronavirus, a European trader said
.
Some market players believe that PX producers outside China should focus on rationalizing production adjustments to rebalance the market
.
Factors such as the launch of the Covid-19 vaccine and the pace of post-pandemic recovery of end-use industries have added uncertainty to market demand
.
US market under pressure US market under pressure
From 2019 to 2021, the growth of PX capacity in Asia has affected the price of PX in the global market, including the North American market
.
From 2019 to 2021, the growth of PX capacity in Asia has affected the price of PX in the global market, including the North American market
.
In addition, PX production from toluene conversion units in 2020 is minimal, as selective toluene disproportionation (STDP) margins are often in negative territory, and economic conditions are unlikely to improve in 2021, market players said
.
U.
S.
PX producers will likely continue to compete with low-cost imports from the U.
S.
Atlantic coast
.
From 2019 to the middle of the fourth quarter of 2020, U.
S.
PX imports increased significantly by 45%
.
In the second quarter, the cost of importing PX on the U.
S.
East Coast was lower than the cost of producing it on the U.
S.
Gulf Coast, the sources said
.
U.
S.
PX prices may ease in 2021 as PX units in other regions reduce operating rate levels or stop production, but the outlook remains bleak
.
S.
East Coast was lower than the cost of producing it on the U.
S.
Gulf Coast, the sources said
.
U.
S.
PX prices may ease in 2021 as PX units in other regions reduce operating rate levels or stop production, but the outlook remains bleak
.
