PX-MX spread stands at medium or low level

In terms of profits, though PX-naphtha spread hovers high, PX-MX spread stands at medium or low level. PX-MX spread on FOB Korea basis broke $100/mt temporarily in end-Jul, but then fell back to $80/mt, barely above breakeven line. The spread on yuan basis has recovered from negative in early Jul, but is still under breakeven line. Therefore, PX production based on merchant MX is restricted by losses, with low plant operating rate