US PX April contract settles down by 3.50 cents/lb

19 April 2012 20:52  [Source: ICIS news]

HOUSTON (ICIS)--The US paraxylene (PX) April contract settled at 78.50 cents/lb ($1,731/tonne, €1,316/tonne), lower by 3.50 cents/lb from March, market participants said on Thursday.

The decrease followed a lower Asian Contract Price (ACP) for PX, which was settled at $1,585/tonne, down by $65/tonne from March.

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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