23 December 2011 02:52 [Source: ICIS news]
SINGAPORE (ICIS)--The arbitrage window between Europe and Asia for paraxylene (PX) narrowed late on Thursday following price gains seen in the European market.
Spot PX prices in Europe were assessed at $1,300-1,330/tonne (€1,001-1,024/tonne) FOB (free on board) ARA (Amsterdam-Rotterdam-Antwerp), up by $25-35/tonne from 21 December.
The price difference between European PX and Asian PX has narrowed to $140-165/tonne, compared with $195-210/tonne on 20 December.
Freight costs for a 10,000 tonne shipment from Europe to the northeast Asia region were hovering in the high-$80s/tonne.
Meanwhile the isomer-grade xylene (IX) arbitrage between the US and Asia has closed because of firmer US domestic prices.
Spot IX were assessed at $3.80-3.90/gal ($1.00-1.03/litre) FOB USG (US Gulf) or $1,155-1,186/tonne FOB USG on 22 December amid slow trade, while prices in Asia stood at $1,225-1,235/tonne FOB Korea and $1,230-1,240/tonne CFR NE Asia.
Cross-Pacific freight costs for a 10,000 tonne shipment were at $100/tonne.
($1 = €0.77)
With additional reporting from Helena Strathearn, Blanca Venegas and Lester Teo
For more on PX and IX, visit ICIS chemical intelligence
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