How does DMT pricing respond to upstream PX and methanol cost swings?

How does DMT pricing respond to upstream PX and methanol cost swings?
DMT sits at the tail of the PX value chain, with only about 2% of global PX consumed for DMT production versus 98% for PTA. This makes DMT a price taker on feedstock. When crude oil collapsed in early 2020, PX prices fell sharply, dragging downstream polyester intermediates. Methanol, the other key raw material for DMT via PTA esterification, also showed strong volatility, with futures rising over 10% in a single month in August and up roughly 30% year-on-year. Such feedstock moves directly pressure DMT production costs. Since China's DMT producers are small and import-oriented, domestic prices often track overseas offers plus logistics, amplifying upstream swings.