US PX February contract rises 7 cents/lb on Asia prices

21 February 2012 21:54  [Source: ICIS news]

HOUSTON (ICIS)--The US paraxylene (PX) February contract rose by 7 cents ($154/tonne, €117/tonne) from January in the wake of higher Asia prices and upstream mixed xylene, industry sources said on Tuesday.

The contract settled at 79 cents/lb.

The US PX contract price is usually settled in the first half of the month to which it applies, with the Asian PX Contract Price (ACP) providing a guide to price direction.

The February PX ACP was fully settled at $1,590/tonne CFR (cost and freight) Asia, up by $145/tonne from January.

Also, the upstream US MX contract for February rose by 39 cents to $4.21/gal.

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

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

($1 = €0.76)

By: Blanca Venegas

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