21 October 2011 16:13 [Source: ICIS news]
HOUSTON (ICIS)--The October contract price for US paraxylene (PX) has been settled at 80 cents/lb, down 2.5 cents/lb from September, market participants said on Friday.
An initial price at 80 cents/lb ($1,764/tonne, €1,288/tonne) DEL (delivered) USG (US Gulf) was agreed on Wednesday, but sources said that not all market participants had accepted it.
By Friday, the price had been confirmed by two major producers and two major buyers.
The price agreement was reached after prolonged negotiations, which were hindered by the absence of a clear settlement for the October Asian Contract Price (ACP).
The US contract price is usually settled in the first half of the month to which it applies, with the ACP providing a guide to price direction.
The movement of the US PX contract had remained within $50/tonne of the ACP delta since early 2010.
Major US PX producers include BP Chemicals, ExxonMobil Chemical, Chevron Phillips Chemical and Flint Hills Resources.
($1 = €0.73)
For more on PX visit ICIS chemical intelligence
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