Some market players believe that it is due to the increase in the demand for offshore arbitrage

Some market players believe that it is due to the increase in the demand for offshore arbitrage. As can be seen from the chart below, the price spread between FOB South Korea PX and the FOB USG has continued to widen since he beginning of 2022, which has expanded to $100/mt in late-March. Since last Friday, the price spread has further expanded to more than $200/mt. According to the statistics, the current freight rate between the two regions is around $100/mt. Therefore, from this point of view, there is indeed ample room for arbitrage