28 September 2008 18:01 [Source: ICIS news]
MONTE CARLO (ICIS news)--The Asian paraxylene (PX) contract price for September could be settled by Monday, boosting hopes of a settlement in Europe too, players said on Sunday.?xml:namespace>
The sudden prospect of a breakthrough, rumoured by European PX players on the sidelines of the European Petrochemical Association conference, came after talks in ?xml:namespace>
Nominations for September were made at $1,460/tonne by Nippon Oil and $1,500/tonne CFR (cost and freight)
It remained unclear at what value the September ACP might be settled, although one European trader was hopeful for a level around $1,100/tonne.
Current spot numbers in
The news that the September ACP might soon be concluded filled European players with some hope, as many of them said a September Europe contract price was also long overdue.
It was anticipated the price would fall quite sharply, as it was rumoured that a supplier had proposed a provisional September contract price last Thursday at €900/tonne FD (free delivered) NWE (northwest Europe), down €80/tonne from the August contract level.
Buyers were hoping for an even bigger decrease, with one PX buyer saying that it was aiming for €800/tonne. The source said on Monday it was imperative that “there was parity between Europe and
European spot levels were assessed at $1,100-1,150/tonne FOB (free on board)
The four-day conference ends on Tuesday.
($1 = €0.68)
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