Paraxylene sellers from Europe eye US as outlet to offload ample NWE supplies

European paraxylene producers are eying the US market as an outlet to offload ample supplies amid weak demand from purified terephthalic acid and polyethylene terephthalate producers, as per Platts One trader said market participants in the fiber chain "have adequate amounts" of acetic acid and paraxylene -- the key feedstocks for PTA, as the Asian market correction continues. The US market is now the highest-pricing region at US$1435/mt FOB USGC. European sources said that, given the declines seen in Asia this week, Europe should be pricing close to the US$1350/mt FOB ARA level, making the US an attractive destination for European material. The European market was assessed at US$1368/mt FOB ARA Thursday, down US$25/mt from Wednesday and US$32/mt down compared with last week. The bearish sentiment was backed up further down the chain and there was no expectation that sentiment would improve for June, a key seasonal demand period for PET. Sources also said the market has been weighed by additional PX supplies arriving from Russia, which made re-supply into the US attractive for sellers.
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