05 October 2009 10:51 [Source: ICIS news]
BERLIN (ICIS news)--The European October paraxylene (PX) contract has been confirmed at €615/tonne ($891/tonne), down €145/tonne from the previous month, market sources said on Monday.
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.
Speaking from the sidelines of the 43rd European Petrochemical Association (EPCA) conference in ?xml:namespace>
“We expected a sizable drop given the state of the market in
“It is completely confirmed,” said another one of the buyers involved. “€615/tonne makes
However, another source said that the €145/tonne drop would not help stimulate buyer interest in
“It won’t boost demand in the market, especially now that export opportunities for European sellers have disappeared,” the source explained. “However, if the price had failed to come down in line with
The settlement was agreed on a free on board (FOB) northwest Europe (NWE) basis.
($1 = €0.69)
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