US May PX contracts fall 2 cent/lb, tracking Asian prices

16 May 2012 21:24  [Source: ICIS news]

MIAMI, Florida (ICIS)--The US May paraxylene (PX) contract has been confirmed lower by 2 cents/lb ($44/tonne, €35/tonne) from the previous month, following price movements in Asia, sources said on Wednesday.

The May PX contract was settled at 76.50 cents/lb DEL (delivered) USG (US Gulf), a major producer and a buyer said.

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.

The May PX ACP was settled at $1,550/tonne, $35/tonne lower from April.

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 = €0.79)

By: Blanca Venegas

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