Europe DMT March reference prices increase on back of PX

09 March 2012 23:59  [Source: ICIS news]

LONDON (ICIS)--European March dimethyl terephthalate (DMT) reference prices rose on Friday by €22/tonne ($29/tonne) to €1,080–1,121/tonne, in line with upstream paraxylene (PX), ICIS calculations showed.

The European March PX contract has settled at €1,268/tonne FD (free delivered) NWE (northwest Europe), up by €36/tonne from the February contract price, market players said, following hikes in the dominant Asia market.

The first-quarter contract price for methanol, a secondary feedstock for DMT, is €320/tonne FOB (free on board) Rotterdam and sellers are targeting a significant increase for the second quarter.

While most buyers agree some degree of increase is justified, some warn that these higher spot prices are not supported by fundamentals and believe only a moderate contractual increase is warranted.

The DMT prices were assessed on a FD NWE basis.

($1 = €0.75)

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By: Caroline Murray
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