21 December 2010 19:53 [Source: ICIS news]
HOUSTON (ICIS)--US paraxylene (PX) will rise by 2.50 cents/lb ($55/tonne, €42/tonne), averting a split settlement, a source said on Tuesday.
Contracts will settle at a single December benchmark price of 63.00 cents/lb DEL (delivered) US Gulf.
A buyer said that a consensus has been reached on a price for December, but the source could not confirm all markets participants have finalised negotiations. Calls to other contract participants seeking confirmation were not returned.
One producer reached an agreement with customers earlier in the month while other contract players remained unsettled, setting up a possible split contract price. A divide in the US PX contract price last came in October 2009.
Major US PX producers include BP Chemical, Chevron Phillips Chemical, Flint Hills Resources and ExxonMobil.
($1 = €0.76)
For more on paraxylene, visit ICIS chemical intelligence
To discuss issues facing the chemical industry, go to ICIS connect
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections