08 November 2007 16:24 [Source: ICIS news]
LONDON (ICIS news)--European paraxylene (PX) buyers and sellers reported on Thursday that talks on November settlements were immobile as the market waited for news on the Asian contract price (ACP), which was said to be at an impasse.
Asian buyers and sellers had described a gap of $80/tonne (€54/tonne) between their ideas for the settlement, heard within a range of $1,020-1,100/tonne CFR (cost and freight) ?xml:namespace>
Although discussions had begun in
“I heard discussions at around the €800/tonne level. But nothing can be done until the ACP has been settled,” said a trader source.
Spot values have since been heard $30-50/tonne higher on the back of recent record high crude oil values.
An industry source reported a spot deal at $1,055/tonne FOB (free on board)
While players were anxious to hear how prices would settle in
($1 = €0.68)
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