due to the outbreak of Russia-Ukraine conflict

outside China, due to the outbreak of Russia-Ukraine conflict, circulation of goods slowed down. US gasoline price spiked with increasing demand, driving up demand for blending components. With the widening of Asia to US arbitrage spread, Asian MX, toluene and PX prices soared in May. As of mid-Jun, FOB Korea MX price advanced a whopping 35% from May 1, while China domestic MX price gained 21%. The price spread of China domestic to FOB Korea MX kept widening in negative territory since H2 Mar, to minus 2600yuan/mt as of mid-Jun