US PX May contract to decrease following PX ACP

30 April 2012 22:17  [Source: ICIS news]

MIAMI, Florida (ICIS)--The US paraxylene (PX) May contract is projected to decrease by 1.50 cents/lb ($33/tonne, €25/tonne), following price decreases in Asia, market sources said on Monday.

According to a producer, the decrease will be following the lower PX Asian Contract Price (ACP) for May.

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

The May PX ACP was settled at $1,550/tonne CFR Asia, down by $35/tonne from the April price of $1,585/tonne CFR Asia.

The US PX April contract settled at 78.50 cents/lb, down by 3.50 cents/lb from March.

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
713-525-2653



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