China monthly PX imports in Jul could hit new low since Dec 2012

In terms of imports, according to the latest news, China monthly PX imports in Jul could hit new low since Dec 2012, amounting to about 600kt. The imports could increase in Aug, as South Korea’s S-Oil has restarted its plant and cargoes from Asia to US reduces. However, other plants would hardly raise the operating rates, while Reliance, Rabigh and Hengyi Brunei even cut O/R in Aug. In Sep, South Korea’s SK plans to shut its 1.3 million mt/yr PX plant for 45-day maintenance and some producers based in South Korea would cut contract supply. Therefore, China PX imports are expected to increase slightly to 700-900kt a month in Aug and Sep