The Global Mixed Xylene Market Fluctuates Due To Numerous Rising Factors Across The World
- 22-Aug-2022 5:55 PM
- Journalist: Rene Swann
The Mixed Xylene market has been witnessing fluctuation in the Global market. The fluctuating upstream Crude prices since the beginning of August is the major reason for the price fall. Moreover, the energy crisis in Europe is another situation that supports the price drop.
China’s economic recovery weakened even after bringing the COVID situation under control. The factory activities were slumping, letting down the stock prices. The economic downturn led to increment in unemployment in the nation. Realizing China’s economy was slowing, the international crude oil prices tumbled by about 5% last Monday. Thus, reducing Crude upstream prices has negatively impacted the cost of Mixed Xylene in China. Also, since the factory output was low, the need for Mixed Xylene from the downstream sectors was weak, resulting in a negative trend in Mixed Xylene pricing.
The US Mixed Xylene market began with a negative trend in August, followed by a price rise in the third week. The downstream derivatives Phthalic Anhydride, Isophthalic Acid, and PET resin is showcasing a downtrend in the domestic market, further declining the Mixed Xylene values. In the third week of August, the Mixed Xylene market gained strength due to the slight rise in the upstream crude by $1 per barrel in the previous week, pushing up the Mixed Xylene values in the US domestic market.
Despite the energy crisis and dropping sea water level, the Mixed Xylene market is continuously drowning in Germany. The poor purchasing from the regional markets has been influencing the Mixed Xylene pricing. Thus, the price of the exported cargoes to the Netherlands and Belgium was low. As a result, the Mixed Xylene values plunged by 5.7%, dropping $73 per tonne on the 19th of August.
According to the analysis by the ChemAnalyst team, the Mixed Xylene market might witness an uptrend in the coming weeks. The Crude upstream prices are likely to increase due to their high demand in the global market. Freight charges might rise in Europe as the sea water level drops because of the unprecedented heat. However, the downstream derivatives market may regain its strength in the domestic market.