Initial US May PX contracts increase by 1.75 cents/lb

18 May 2010 23:06  [Source: ICIS news]

HOUSTON (ICIS news)--Initial US paraxylene (PX) contracts for May settled up by 1.75 cents/lb ($39/tonne, €32/tonne) as producers sought higher margins and contract prices rose in Europe and Asia, sources said on Tuesday.

A benchmark price was agreed upon by at least one buyer and seller at 52.75 cents/lb DEL (delivered) US Gulf (USG), creeping higher month over month following increases in other regions.

The May benchmark was settled lower than predictions of 2-4 cent/lb increases.

Market sources said producers were seeking additional margins and extended negotiations into the middle of the month.

A May PX settlement was reached in Europe earlier in the month, increasing prices by €55/tonne with a €870/tonne ($1,101/tonne) benchmark.

The May Asian Contract Price (ACP) was settled at $1,060/tonne, a $40/tonne increase from April.

Major US PX producers include ExxonMobil, BP, Chevron Phillips Chemical and Flint Hills Resources.

($1 = €0.81)

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By: Ryan Hickman
+1 713 525 2653

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