Initial Europe August paraxylene up €32 on stronger Asia prices

31 July 2009 15:17  [Source: ICIS news]

LONDON (ICIS news)--An initial European August paraxylene (PX) contract has settled up €32 at €760/tonne ($1,070/tonne), a buyer said on Friday.

The upward trend for August was primarily driven by stronger PX prices seen in Asia, which had opened the arbitrage window for European players and led to a flurry of exporting interest, the buyer said.

Plant shutdowns in Europe over the summer period had restricted the availability of material, adding further upward pressure on prices, the buyer added.

The settlement was agreed on a free on board (FOB) Rotterdam basis. Further confirmation from other market players was pending.

($1 = €0.71)

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By: Truong Mellor
+44 208 652 3214

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