PX imports from Middle East has increased obviously since Aug

In terms of origins, PX imports from Middle East has increased obviously since Aug, and there're also inflows from Thailand, India and Indonesia. That part accounts for more than 200kt of increase in PX imports (including the increase from Kuwait since Jun). It indicates the return of PX, after the impact from gasoline blending since the latter half of 2022, and it brings pressure with more availability of PX in Asian market.

It is known that due to the low contract ratio for 2024, PX availability in spot market has increased this year. Some suppliers based in South Korea have concluded contracts with buyers in the latter half year, which alleviates the spot availability pressure. However, the inflows from Middle East continues to weigh on PX spot prices.