The global Mixed Xylene prices have witnessed a bullish trend during the first week of April 2023, backed by the high-cost pressure from the feedstock, along with improved demand dynamics. Additionally, high upstream crude oil prices, limited supplies due to continuous protests by workers in the European region, and growing fears of a recession in the wake of the failure of key banks in America and Europe coupled with aggressive rate hikes of central banks to tame inflation have further affected the market growth of Mixed Xylene.

In the Chinese market, prices of Mixed Xylene have risen due to improved demand from downstream industries such as o-Xylene, p-Xylene, and other competitive industries. Moreover, operating rates have increased in the domestic market due to improved end-user consumption. However, the high production cost of Mixed Xylene in the domestic market can be attributed to the raised feedstock Toluene prices. Furthermore, the decision taken by OPEC+ members to limit Crude Oil production has elevated price pressures on certain chemicals, including Mixed Xylene. However, the trading capacity between China and South Korea (exporter) is under pressure, which may further impact the overall market prices in the upcoming weeks. Consequently, Mixed Xylene Ex- Qingdao prices were settled at USD 1127/MT with a week-on-week increment of USD 27/MT during the week ending 7th April.

Similarly, in the European market, Mixed Xylene prices have also been observed on the higher end owing to supply shortage and inclined feedstock Toluene prices in the regional market. Furthermore, elevated production rates, costs, and continuous rallies of protest occurring in the European market have impacted the overall market dynamics of Mixed Xylene in the region. However, demand from downstream p-xylene, o-xylene, and other competitive industries has gained pace, improving the Mixed Xylene availability. Moreover, the decision for Kazakhstan to increase its oil exports to Germany to 100,000 tons in April will reduce Germany's dependence on Russian oil. Consequently, prices of Mixed Xylene FOB Hamburg were assessed at USD 1055/MT with a weekly increment of USD 60/MT during the previous week.

In the USA market, Mixed Xylene prices increased by USD 20/MT due to improved buying sentiments in the region. Moreover, feedstock Toluene prices have inched higher, followed by elevated upstream Crude Oil prices, which impact the production cost of Mixed Xylene. Additionally, demand for Mixed Xylene from downstream industries such as p-Xylene and o-Xylene has slightly increased in the domestic and overseas markets, enhancing the prices of Mixed Xylene. However, market participants reported that some terminals at the West Coast ports of Los Angeles and Long Beach are closed amid a shortage of workers from the International Longshore and Warehouse Union (ILWU), which may restrict the supplies in the region in the coming weeks. As a ripple effect, Mixed Xylene FOB Texas prices were offered at USD 1146/MT during the same time frame.

According to ChemAnalyst, global Mixed Xylene prices will continue to follow an upward trajectory owing to growing demand from p-Xylene amid seasonal demand. Although the supply-demand dynamics of crude oil remain balanced, significant changes in prices are less likely in the immediate future. However, demand uncertainty from China, a possible global economic slowdown, a build-up in inventories, and a surge in US output continue to put downward pressure on Mixed Xylene prices.