06 February 2008 12:26 [Source: ICIS news]
Accordingly, force majeure declared on feedstock paraxylene (PX) last Thursday was lifted at midnight, added the spokesperson.
The two plants, based in Geel were originally closed for maintenance but plans to restart them were thwarted due to industrial action last week.
However, the industrial action ended over the weekend and BP is currently concentrating on recommencing normal operating rates, the spokesperson added.
The total combined capacity of the plants exceed 1m tonnes/year.
PX spot prices were stable at $1,040-1,070/tonne (€707-723/tonne) FOB (free on board) Rotterdam ahead of BP’s announcement, according to global chemical market intelligence service ICIS pricing.
PX contract negotiations in Europe have only just got under way following confirmation that the PX contract in Asia rolled over from January at $1,100/tonne CFR (cost and freight) Asia.
“It’s too early to comment since
“I expect to see parity with
“There is already a premium for European PX and I see room for an improvement,” said another large PX consumer. “There should be a reduction [from January's settlement of €793/tonne].”
($1 = €0.68)
Julia Meehan contributed to this story
For more on PTA and PX visit ICIS chemical intelligence
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