11 May 2012 15:18 [Source: ICIS news]
LONDON (ICIS)--The European May paraxylene (PX) contract has settled at €1,210/tonne ($1,571/tonne), a €15/tonne decrease from the April contract price, sources said on Friday.
The European contract price typically settles soon after an agreement has been reached in Asia. One European producer said the lower Asian settlement this month meant that there was some downward pressure in Europe, but this was countered by relatively strong domestic fundamentals.
In the past four weeks, spot PX prices have dropped by $80-95/tonne and are now in a range of $1,440-1,450/tonne FOB (free on board) Rotterdam.
PX is the largest volume isomer of the mixed xylenes. Around 98% of PX is consumed in the polyester chain, mainly in the production of fibre, film and polyethylene terephthalate (PET) bottle resins, via one of two intermediates: purified terephthalic acid (PTA) or dimethyl terephthalate (DMT).
The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.77)
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