CPC's maintenance turnaround at Kaohsiung PX plant unlikely to influence markets

Taiwan's Chinese Petroleum Corporation (CPC) has shuttered its 260,000 tpa No.3 PX plant in Kaohsiung earlier this month for about a month. The shutdown has been triggered by the outage at its No. 6 reforming unit. However, it is unlikely to wield much influence on the markets, as buyers were prepared for the turnaround and had stockpiled in advance. Despite expected supply glitches, PX prices in Asia remain under control because of plunging global crude oil prices, the BTX market pessimism and dipping PTA prices. Hence, PX prices continue on their decline, falling by over fifty dollars this week.
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