16 June 2010 16:49 [Source: ICIS news]
HOUSTON (ICIS news)--US paraxylene (PX) contracts for June fell by 6 cents/lb ($132/tonne, €107/tonne) to 46.75 cents/lb, following the downward trend in benchmarks from other regions and aromatic commodities, a buyer and seller said on Wednesday.
The 11% drop from May-June contracts was the steepest month-over-month drop in PX since the 9.25 cent/lb-plus fall in the October 2009 contracts, which ended in a split settlement.
The June US contract, which is priced on DEL (delivered) US Gulf (USG) terms, nearly mirrored the magnitude of decline in the June Asian Contract Price (ACP), which fell by 5.40 cents/lb.
A source said regions remaining at relative price parity and balanced supply in the US would naturally have the US PX benchmark in line with the ACP.
In the two weeks between the ACP and the US settlements, aromatics spot prices in the US had in general turned downward. In addition, other aromatics benchmarks in June declined by double-digit percentage points.
($1 = €0.81)
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