21 April 2011 18:53 [Source: ICIS news]
HOUSTON (ICIS)--US paraxylene (PX) April contracts rolled over at the high end of the March split settlement, market players said on Thursday.
A producer said it had concluded its April PX contract price with customers at 85.50 cents/lb ($1,885/tonne, €1,301/tonne) DEL (delivered).
This price was confirmed by a source on the buy side.
In March, an initial US contract settlement was agreed upon at 84.75 cents/lb DEL, followed by a second contract price at 85.50 cents/lb DEL.
The US PX contract price is heavily influenced by the Asia Contract Price (ACP), which was agreed upon at $1,690/tonne CFR Asia for April, up $35/tonne from March.
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 = €0.69)
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