05 December 2005 16:59 [Source: ICIS news]
LONDON (ICIS news)--The first December paraxylene (PX) settlement in Europe has been agreed at Euro748/tonne, down Euro117/tonne on November, market sources said on Monday.
The initial settlement, agreed on free delivered (FD) Northwest Europe (NWE) basis, was reported between two European regular contract partners.
European PX buyers and sellers had expected the contract price to be settled at a lower level after prices in Asia, a leading indicator of the market, fell signifciantly on the back of lower derivative demand.
Demand for paraxylene in Europe has also eased in recent weeks due to a weak PTA market, with spot PX valued at $775-805/tonne free on board (FOB) Rotterdam on Friday, down about $50/tonne on the week.
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