PX market could be under greater pressure

China PX operating rate declined sharply as well recently, as Hengli Petrochemical and Fuhjia Dahua shut their plants for scheduled maintenance. However, as China relies on large amount of PX imports, and the shipments are arranged in advance, hence the unexpected shutdowns of PTA plants and extended duration of shutdowns could lead to a sudden increase in spot PX supply and even shortage of storage space for PX. Therefore, PX market could be under greater pressure.