30 October 2008 17:04 [Source: ICIS news]
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LONDON (ICIS news)--October paraxylene (PX) contracts have been settled down €95/tonne ($122/tonne) from September at €740 tonne on upstream crude oil values and very weak downstream demand, players confirmed on Thursday.
The October contract price had long been rumoured, but some main buyers had initially said they would not follow the new number as they still deemed it too high.
A buyer said on Thursday, however, that it had reluctantly agreed the October contract price, settled on a free delivered (FD) northwest Europe (NWE) basis.
There had already been market reports of a November contract settlement €660/tonne, although again, the first reaction of several buyers was that they would not follow this.
It was unclear when the November contract price would be concluded.
Spot PX levels were assessed by global chemical market intelligence service ICIS pricing at $585-605/tonne FOB (free on board) Rotterdam.
($1 = €0.78)
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