US July PX falls 4.65 cents/lb following Asia prices

31 July 2012 20:20  [Source: ICIS news]

MIAMI, Florida (ICIS)--The US July paraxylene (PX) contract settled at a 4.65 cent/lb ($103/tonne, €84/tonne) decrease from the previous month, following price movements in Asia, according to market players on Tuesday.

The July PX contract settled at 62.85 cents/lb DEL (delivered) USG (US Gulf). The June contract settled at 67.50 cents/lb.

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.

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, ExxonMobil, Chevron Phillips Chemical and Flint Hills Resources.

($1 = €0.82)

By: Blanca Venegas

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