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October 18th, 2024

Paraxylene Price | Prices | Pricing | News | Database | Chart

In Q2 2024, the paraxylene market in North America experienced a steady downward trend, driven by several key factors. Weak demand across various industries significantly affected the market, leading to a general reduction in purchasing interest. Despite moderate recoveries in downstream sectors like PTA and PET, the overall buying activity remained constrained. The petrochemical sector faced additional challenges from falling crude oil prices, which were compounded by rising inventory levels and a global economic slowdown. Higher interest rates also dampened economic growth, indirectly suppressing demand for paraxylene.

The U.S. market, in particular, experienced the most pronounced price fluctuations, reflecting the broader sentiment across the region. Paraxylene prices were notably impacted by an oversupply situation, with production consistently outstripping demand. Seasonal factors also contributed, as the summer months typically see reduced consumption in the downstream polyester industry. The connection between falling crude oil prices and paraxylene was clear, as lower raw material costs led to decreased production expenses, resulting in lower market prices.

Get Real Time Prices for Paraxylene : https://www.chemanalyst.com/Pricing-data/paraxylene-26

Comparing year-over-year data, paraxylene prices in Q2 2024 were 5% lower than in the same period in 2023. From the previous quarter in 2024, prices remained unchanged, showing a 0% variation. However, within the quarter itself, a more noticeable decline occurred, with a 2% drop between the first and second halves of Q2. By the end of the quarter, paraxylene prices settled at USD 1024/MT DEL Houston, reinforcing the overall negative pricing trend that characterized the period. This continued downward movement reflects the challenging market conditions driven largely by oversupply and weak demand.

In Q2 2024, the paraxylene market in the APAC region followed an upward trajectory, with prices seeing a substantial increase due to a combination of important factors. Key drivers of this trend included rising crude oil prices upstream, increased demand from downstream industries like PET and PTA, and supply chain disruptions caused by maintenance activities at several production facilities. These influences created a favorable environment for higher paraxylene prices, resulting in significant market shifts.

In Japan, the market experienced the most notable price changes within the APAC region. A consistent price increase was observed, largely driven by strong seasonal demand for polyester and PET bottle applications. This upward momentum was further bolstered by the limited availability of competitively priced imports and elevated input costs following the surge in crude oil prices. Strategic adjustments in Japan’s crude oil import strategy, favoring more cost-effective U.S. cargoes over traditional suppliers, also played a crucial role. Year-over-year, paraxylene prices in Q2 2024 reflected a 6% rise compared to the same period the previous year. Additionally, prices rose by 3% from the preceding quarter in 2024, maintaining the upward trend. During the quarter, a modest 2% increase was recorded between the first and second halves, illustrating a gradual but steady rise in prices. By the end of Q2, paraxylene FOB Tokyo prices reached USD 1040/MT. This overall increase highlights a positive pricing environment characterized by strong demand, constrained supply, and rising raw material costs, all contributing to the upward trend in the APAC paraxylene market.

In Europe, the paraxylene market in Q2 2024 saw a marked decline in prices, driven by several significant factors. The overall market sentiment was predominantly negative, influenced by a surplus in supply and weak demand from downstream industries, particularly PET and polyester. This oversupply situation was further compounded by declining global crude oil prices, a key input for paraxylene production. Geopolitical tensions and economic uncertainties also contributed to a cautious market, further limiting purchasing activity and adding to the downward pressure on prices.

In Germany, the market witnessed the most significant price changes within the European region. A clear seasonal pattern emerged, with prices weakening over the second quarter. Compared to the same period in 2023, prices were down by 5%, indicating a continuation of the bearish trend. A 2% decline from the previous quarter in 2024 further emphasized this downward trajectory. The first half of Q2 presented a somewhat more stable outlook, but as the quarter progressed, prices dropped by another 2%, reflecting the ongoing market instability. This steady decline underscores the challenges faced by the European paraxylene market, driven by high supply levels, subdued demand, and broader economic concerns. Germany’s market performance closely mirrored the overall European trend of falling paraxylene prices, shaped by complex and interconnected market forces.

Get Real Time Prices for Paraxylene : https://www.chemanalyst.com/Pricing-data/paraxylene-26

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