09 July 2001 00:00 [Source: ICB]
European mixed xylene spot prices came under further pressure last week as numbers lost $15/tonne down to $340-360/ tonne. This latest price slump follows a $30/tonne drop the previous week. The market is taking direction from the US, where numbers have fallen to around $1.07-1.08/gal, from $1.17-1.18/ gal, in line with weaker gasoline numbers.
Price pressure from the spot market is also affecting US contract price negotiations for July. Producers' price ideas are still at a minimum of $1.18/gal, whilst buyers, looking at the lower gasoline blend values, have lowered their price ideas to $1.05/gal.
Paraxylene producers have been encouraged by the easing of feedstock price pressure, with one anticipating that 'the pain will be less great in July'. However, spot paraxylene values have also moved down at a similar rate to xylenes, losing almost $30/tonne in the last two weeks.
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