US PX March contract settles 3 cents/lb higher

26 March 2012 18:02  [Source: ICIS news]

Paraxylene is a raw material for making PET bottles (source Eastman)HOUSTON (ICIS)--The US paraxylene (PX) March contract has been settled at 82 cents/lb ($1,808/tonne, €1,356/tonne), up by 3 cents/lb from 79 cents/lb in February, industry sources said on Monday.

According to a producer, the increase followed a higher March Asian Contract Price (ACP) for PX, which 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 Asian PX Contract Price (ACP) providing a guide to price direction.

Buyer reaction was not immediately available.

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 = €0.75)

By: Blanca Venegas

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