US June PX contracts fall 9 cents/lb on Asia pricing

21 June 2012 19:13  [Source: ICIS news]

Paraxylene is a raw material for making PET bottles (source Eastman)MIAMI, Florida (ICIS)--The US June paraxylene (PX) contract has been settled at 67.50 cents/lb ($1,488/tonne, €1,176/tonne), lower by 9.00 cents/lb from May, market participants said on Thursday.

The lower June contract is following the decrease in the Asian Contract Price (ACP) for PX, which was settled at $1,355/tonne, $195/tonne lower from the May PX ACP of $1,550/tonne CFR Asia.

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 = €0.79)

By: Blanca Venegas

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