PX-naphtha and PX-MX spread narrowed from May to Oct

In 2009, PX-naphtha and PX-MX spread narrowed from May to Oct. PX-naphtha spread slid from $780/mt in May to less than $240/mt in the beginning of Oct 2009, down a whopping 70%. PX-MX spread shed 80%, from $480/mt to less than $100/mt over the same period. In 2010, the spread continued falling with PX-naphtha and PX-MX spread down to as low as $205/mt and $52/mt, respectively. The spread hovered low and did not rebounded until Aug 2010.