High Consumer Demand Supports Meta-Xylene Market in the US
- 20-Jun-2022 5:41 PM
- Journalist: Robert Hume
m-Xylene prices have been witnessing an uptrend in the US market. The increasing demand for the product from the downstream sectors and the healthy buying activities from the regional markets influenced the m Xylene pricing. In addition, fluctuating raw material prices had an impact on the m Xylene values.
The US market is the major exporter of m-Xylene globally. The rising crude price on the back of the Russia and Ukraine war has resulted in the tight supply of the product across the world. The increasing demand for the crude and the limited supply due to the ban on importing Russian crude oil resulted in the escalating price trend of the commodity. Following the crude price hike, the downstream derivative m Xylene market has shown an uptrend.
The rising export charges as a result of soaring fuel prices have weighed on commodity values. Also, transportation remained normal after the trucker's strike eased in South Korea. Relaxing trade activities have been easing the tightened supply. The continuation of the healthy buying sentiments from the domestic market led to high import from US triggering the m Xylene pricing.
Moreover, the enhanced demand for the product from the downstream derivative isophthalic acid is due to its increased consumption in the production of PET resin. The use of PET resin is boosting day by day to manufacture bottles, food packing containers, jars, etc. Furthermore, the high consumption from the terminal end influenced the growing requirement for the product.
According to the ChemAnalyst, "m Xylene market is expected to grow further in the coming weeks, due to the escalating demand from the regional markets. The high demand for its derivative isophthalic acid is likely to result in an increasing price trend, which may cause Xylene prices to rise. In addition, the surging upstream values are not expected to ease in the coming weeks because of the limited availability of the product, further affecting the m Xylene pricing positively. "