Higher feedstocks, demand push US PX contract up third time

15 October 2010 17:55  [Source: ICIS news]

HOUSTON (ICIS)--The US October paraxylene (PX) contract increased for the third consecutive month, settling up 4.75 cents/lb ($105/tonne, €75/tonne) at 52.75 cents/lb, driven by higher feedstock prices and strong demand from Asia, market participants said on Friday.

The settlement came as feedstock mixed xylene (MX) spot prices have increased 38 cents/gal to $3.20/gal from 1 October.

Meanwhile, strong demand for PX exports in Asia has pushed prices in that region up. PX spot in Asia has traded as high as $1300/tonne cost and freight (CFR) this week, up from 1 October at $1060/tonne CFR.

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

($1 = €0.71)

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By: Brian Balboa
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