Some companies are mulling over selling MX instead of using it to produce PX

Since late Jun, however, MX prices have been moving divergently again. As China lifted restrictions, demand for refined oil products recovers. Demand for MX from PX production picks up and MX supply is tight. Therefore, domestic yuan MX price rises rapidly while PX-MX spread narrows. After CFR China PX is converted to yuan price, it was 500yuan/mt cheaper than MX as of mid-Jul, indicating losses in PX based on merchant MX in China. Some companies are mulling over selling MX instead of using it to produce PX