Cost and supply chain analysis
The scale of last week&#**;s drawdown is visible across the feedstock chain. Brent (Dated) fell *.* per cent to $**.**/Brl. PX CFR Taiwan dropped $**/mt to $***/mt a *.* per cent slide. PTA CFR FE Asia retreated *.* per cent to $***/mt. MEG CFR China fell *.* per cent to $***/mt. Only naphtha bucked the trend, edging up *.* per cent as Asian gasoline-blend demand held firm.
The decline ran ahead of the physical market. According to CCFGroup, PX and PTA futures on the Zhengzhou Commodity Exchange fell more than * per cent during night trading on June **, accelerating what the data provider called the eroding of the risk premium. For PX producers, the drop was punishing: the PX-Naphtha spread — the cleanest indicator of producer economics — compressed to $***/mt by Friday, an $**/mt drop in a single week and at the lower edge of typical breakeven.
