What will be the price trend of PX in the future?

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Market analysis indicates that Asian paraxylene (PX) prices are likely to remain downward in the coming weeks, driven primarily by weak demand for gasoline blending in the United States and sluggish sales of polyester, which is a downstream product of PX in Asia. Despite entering the usual peak season for summer demand, the global PX market has yet to show any improvement. 　　Several traders noted that Asian PX spot prices have been rising slowly since mid-January due to production cuts, but this trend is now facing a reversal. Weak demand in China’s downstream sectors and in the U.S. for gasoline blending has sparked concerns in the market. According to Platts Energy Intelligence, a division of S&P Global Commodity Insights, the Asian PX price on March 7 was $834.33 per ton, down $67 from its annual high of $901.33 on January 16. 　　A trader in Singapore said that multiple factors are affecting the prospects of the PX market: U.S. tariff policies impacting crude oil prices, weak demand for polyester in Asia, and a lack of support for gasoline blending demands in the United States. The trader said, “Current gasoline demand in the U.S. is exceptionally weak, with no signs of recovery.” ”Over the past 2 to 3 years, gasoline demand has significantly driven up PX prices due to the need for aromatics, resulting in regional supply shortages. However, the market now generally believes that gasoline demand has peaked, and U.S. refiners have higher levels of aromatic inventories than in previous years. 　　Another trader noted that in addition to the demand for gasoline blending, PX producers also rely on the Asian polyester market. However, the bleak prospects for polyester demand this summer have prompted downstream pure terephthalic acid (PTA) producers to consider carrying out plant maintenance in the second quarter to improve profits. The trader expects that spot PX prices may fall further after the maintenance season in May and June concludes. 　　The European market also faces challenges. Since the beginning of 2025, demand for PX in Europe has remained weak, primarily driven by weak demand from gasoline blenders and PTA producers. In January, European demand for gasoline blending components increased, mainly mixed xylene and toluene, while demand for PX remained weak. According to Platts Energy Solutions’ assessment, the spot price of PX in Europe in the first half of March was estimated at $855, reflecting some of the weekly decline seen in the Asian market. 　　European PX producers emphasize that the shutdown of local PTA plants and insufficient spot liquidity have rendered PX production in those regions uneconomic. Therefore, European PTA and polyethylene terephthalate (PET) producers are gradually adopting Asian PX prices as a reference in their contracts. A European PET producer said, “We are in discussions with our suppliers to adopt Asian PX pricing in PTA contracts.” ”Although the market expects Turkey to start PTA production in order to improve the spot liquidity in Europe’s PX market, recent feedback indicates that Turkish producers prefer to use Middle Eastern raw materials. 　　In the U.S. market, PX prices are under pressure from weak gasoline demand and a surge in imports. Sources say that despite the approach of the summer blending season, demand for gasoline components remains weak. The price gap for market-based blended refined gasoline in the United States narrowed significantly, with an average of 17.64 cents per gallon in March, a sharp drop from 30.54 cents per gallon during the same period last year. This indicates a decline in the demand for gasoline blending components to improve octane rating, resulting in insufficient motivation for producers to use them in gasoline blending. U.S. customs data shows that nearly 50,000 tons of PX arrived in February alone, and continued imports further suppressed local PX prices. This article was published in the weekly magazine \"China Chemical Industry News·International Chemical Industry\", hotline: 010-8203921