Europe PX firms in tandem with surging Asia values, spread stable

06 January 2012 03:12  [Source: ICIS news]

SINGAPORE (ICIS)--Spot paraxylene (PX) prices in Europe saw gains late on Thursday in tandem with surging values in Asia - the Europe-Asia arbitrage remaining technically open on paper - and the price spread between the two regions holding steady.

PX prices in Europe stood at $1,390-1,400/tonne (€1,984-1,092/tonne) FOB (free on board) ARA (Antwerp, Rotterdam, Amsterdam) while spot PX values in Asia were assessed at $1,585-1,603/tonne CFR Taiwan and/or CMP on 5 January according to ICIS data.

This puts the Europe-Asia PX price spread at $199/tonne, stable from 4 January.

Freight costs for a 10,000 tonnes shipment were hovering in the high $80/tonne.

Meanwhile, prices of isomer-grade xylene (IX) in the US fell on Thursday in tandem with weaker crude futures.

Prices were assessed at $1,170-1,200/tonne FOB USG or $32/tonne weaker at the high end of the range as compared to the previous day.

IX prices in Asia stood at $1,255-1,260/tonne FOB Korea and $1,255-1,265/tonne CFR NE Asia on 5 January.

Freight costs for a 10,000 tonnes cross-Pacific shipment was hovering around $100/tonne.

($1 = €0.78)

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By: Bohan Loh
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