US PX March contract expected to increase following Asia PX

08 March 2012 20:04  [Source: ICIS news]

HOUSTON (ICIS) --The US paraxylene (PX) March contract is projected to increase by 3 cents/lb ($66/tonne, €50/tonne) from 79 cents/lb in February, following price increases in Asia, sources said on Thursday.

According to a producer, the March PX contract may settle at 82 cents/lb, following a higher Asian PX Contract Price (ACP) for March.

The March PX ACP was fully settled at $1,650/tonne CFR Asia, up by $60/tonne from the February PX ACP settlement price of $1,590/tonne CFR Asia. 

The US PX 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.

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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