PX: Plunged $41, or 4.4%, Monday to close at $867.50/mt FOB Korea and
$885.50/mt CFR Taiwan/China as the market was shrouded in pessimism
following last Friday's crash on Wall Street and NYMEX crude futures
opening lower in early Asian trading. There were no participants during the
Platts Market on Close assessment process, but the discussion range fell
sharply from last Friday's.
Early afternoon, July bid ideas were at $870/mt
CFR against offers at $920/mt CFR. The $900/mt was the psychological
barrier that needed to be breached, but buyers steadfastly refused to raise
bids beyond $880/mt CFR while offers fell to $910/mt. Then sellers buckled,
and offers were said to have fallen as low as $890/mt CFR.
$885.50/mt CFR Taiwan/China as the market was shrouded in pessimism
following last Friday's crash on Wall Street and NYMEX crude futures
opening lower in early Asian trading. There were no participants during the
Platts Market on Close assessment process, but the discussion range fell
sharply from last Friday's.
Early afternoon, July bid ideas were at $870/mt
CFR against offers at $920/mt CFR. The $900/mt was the psychological
barrier that needed to be breached, but buyers steadfastly refused to raise
bids beyond $880/mt CFR while offers fell to $910/mt. Then sellers buckled,
and offers were said to have fallen as low as $890/mt CFR.
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