US March PX rises 2.75, 3.5 cents/lb in split settlement

18 March 2011 20:37  [Source: ICIS news]

HOUSTON (ICIS)--US paraxylene (PX) March contracts reached a rare split settlement, rising by two different prices, market players said on Friday.

An initial settlement was heard earlier this week for US PX March contracts at 84.75 cents/lb US Gulf DEL (delivered) ($1,868/tonne, €1,326/tonne), up 2.75 cents/lb from the February contract price of 82 cents/lb DEL.

A second contract price of 85.5 cents/lb DEL, 3.5 cents/lb higher, emerged on Friday.

Both buyers and sellers confirmed the split settlement.

The March Asia contract price (ACP) was settled on 28 February at $1,655/tonne CFR (cost and freight) Asia.

Generally, the US PX contract moves in the same direction as the ACP. 

PX is used primarily to make purified terephthalic acid (PTA), an intermediate chemical for polyethylene terephthalate (PET), commonly used for plastic bottles.

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

($1 = €0.71)

For more on paraxylene visit ICIS chemical intelligence

By: Ruth Liao
+1 713 525 2637

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