India's PX exports rise, widening discounts: Correction
India has increased its exports of paraxylene (PX) following a nationwide lockdown since 25 March, putting pressure on discounts for cfr China cargoes.
Discounts for shipments have widened by $13-14/t since late March, with discussions hovering at discounts of $16-20/t against spot cfr Taiwan/China assessments for May-June deliveries. June deliveries are being discussed at discounts of $16-18/t to cfr Taiwan/China assessments.
Increased supplies of Indian PX are a result of shutdowns at domestic purified terephthalic acid plants and downstream polyester factories owing to a nationwide lockdown that started on 25 March and was recently extended until 3 May.
The country's main PX producer, private-sector Reliance Industries (RIL), has not reduced operating rates at its Jamnagar downstream complex despite the lockdown. State-owned petrochemical producer OMPL has been having scheduled maintenance at its 920,000 t/yr PX unit in Mangalore since late March, which is set to resume operations at the end of April or early May.
India has three PX producers — RIL, OMPL and IOC. The country has a total PX nameplate capacity of 5.7mn t/yr, while domestic demand is estimated at 4.2mn t/yr. India exported 2.76mn t/yr of PX in 2019, with China accounting for 60pc of the total.
By Suzi Shin
source: Argus Media
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Gold loses some luster after Trump’s decisive win
Resolute Mining says it will pay Mali $160 million in tax dispute
Russia takes aim at US nuclear power by throttling uranium
Aluminum price to average 6% higher in 2024 on strong demand: Fitch
BHP to spend up to $14 billion on Chilean copper expansion
Trump chooses oil fracking boss as energy secretary
Marimaca Copper eyes ASX dual listing to boost Chile project
Osisko Development surges on permitting milestone for Cariboo gold project
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Marimaca Copper eyes ASX dual listing to boost Chile project
Osisko Development surges on permitting milestone for Cariboo gold project
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project