Europe September PX confirmed at €835/tonne

16 October 2008 13:28  [Source: ICIS news]

LONDON (ICIS news)--Final confirmation has been received of the European September paraxylene (PX) contract settlement at €835/tonne ($1,128/tonne), a drop of €145/tonne from August, a producer said on Thursday.

After an initial European September paraxylene (PX) settlement had been made between one producer and several buyers on 10 October, another major producer had been reluctant to follow.

A source at the producer said they had, nevertheless, agreed to follow the September contract price with some customers.

“If the initial settlement is not completely out of line with market sentiment, it is important for other players to follow it,” the source said.

The global economic downturn, seen as the main reason for slow downstream demand in the polyester business, was generally named as the cause behind the steep price drop.

Falling crude oil prices and tumbling spot prices in Asia and the US, meanwhile, also had their effect on the European contract price.

European spot numbers were assessed at $850-870/tonne FOB (free on board) Rotterdam by global chemical market intelligence service ICIS pricing on Thursday.

($1 = €0.74)

For more on PX visit ICIS chemical intelligence
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By: Madelon Ten Cate
+44 20 8652 3214

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