Europe January PX contract confirmed up €60/t at €800/t

14 January 2010 14:16  [Source: ICIS news]

LONDON (ICIS news)--The European January paraxylene (PX) contract has been confirmed at €800/tonne ($1,159/tonne), up €60/tonne from December, three producers and three consumers said on Thursday.

The agreement followed an earlier initial settlement on 11 January, sources said.

The increase was in line with the Asian January PX contract price, which had been agreed in December at $1,090/tonne CFR (cost and freight) Asia, up $30/tonne from the previous month.

A tight domestic market contributed further to the more bullish sentiment in Europe, sources said.

Demand appeared to be healthy and stock levels among several producers were reported as “low”, with at least two sellers confirming they had no additional material available to sell on an ad hoc basis.

Meanwhile, it was confirmed that French producer Total Petrochemicals had declared force majeure on both its PX and orthoxylene (OX) lines at Gonfreville in France since the end of November 2009. It was unclear when the company would be able to produce both products again, a source at the company said.

The European PX contract was settled on a free on board (FOB) northwest Europe (NWE) basis.

($1 = €0.69)

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