Initial Europe October PX settles down €145/tonne

02 October 2009 14:23  [Source: ICIS news]

LONDON (ICIS news)--An initial European October paraxylene (PX) contract has settled at €615/tonne ($891/tonne), down €145/tonne from the previous month, a buyer said on Friday.

Given the volatility of crude values over the past two weeks and the continued slump seen in the Asian PX sector, many players had been expecting a significant drop for the October settlement.

“It is completely confirmed,” said the buyer involved. “€615/tonne makes Europe pretty competitive.”

The settlement was agreed on a free on board (FOB) northwest Europe (NWE) basis.

Further confirmation from other market players was pending.

($1 = €0.69)

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By: Truong Mellor
+44 208 652 3214

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