US spot mixed xylenes (MX) prices climbed sharply on March 15 on strength in Asian prices. The jump to $3.75/gal ($1,136.30/mt) fob USG closed the arbitrage between the US and Asia. MX prices skyrocketed to a 30-month high in Asia of $1,175.50/mt fob Korea and $1,194.50/mt cfr Taiwan on gasoline shortages resulting from the March 11 earthquake and tsunami that devastated Japan's energy sector. Market watchers expect supplies to remain limited over the short term, as the majority of Japan's MX and toluene output will be diverted to the gasoline pool.
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