02 June 2005 18:09 [Source: ICIS news]
LONDON (CNI)--The first June European paraxylene (PX) contract settlement was agreed down Euro14/tonne at Euro660/tonne free delivered Northwest Europe (FD NWE) on Thursday afternoon.
It was agreed between BP Refining and Petrochemicals (BPRP) and a Dutch buyer.
The backdrop for the settlement was a dramatic drop in the euro against the dollar and partial settlement of the Asian paraxylene contract price at $790/tonne CFR (cost and freight) Asia Pacific on Tuesday.
Originally, consumers had expected a drop in the European paraxylene price of as much as Euro40/tonne. But firmer prices in Asia and the weak euro lent strength to sellers in contract negotiations.
The buyer involved today commented that the price was fair, under the circumstances. “It’s a reasonable settlement," the producer said. "The mood is better and people are more optimistic about the future of polyester chain prices.”
The May European paraxylene contract price of Euro674/tonne free delivered (FD) Northwest Europe was settled down Euro76/tonne on the May price.
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