Corrected: Initial Europe August PX settles at €1,130/tonne, up €135/tonne

09 August 2012 10:30  [Source: ICIS news]

Correction: In the ICIS news story headlined “Initial Europe August PX settles at €1,130/tonne, up €135/tonne” dated 9 August 2012, please read in the second paragraph … agreed between several parties at $1,365/tonne CFR … instead of … at $1,395/tonne CFR ... A corrected story follows.

LONDON (ICIS)--An initial August paraxylene (PX) contract has settled at €1,130/tonne ($1,395/tonne), up €135/tonne from the previous month, one seller said on Thursday.

According to the seller involved, the increase was largely driven by firmer pricing in Asia, where a monthly contract was agreed between several parties at $1,365/tonne CFR (cost and freight) Asia, an increase of up to $205/tonne from the lowest number reported for July, when several numbers were heard amid a confused market.

Meanwhile, Asian PX spot prices have continued to firm after the August CP settlement, with prices reaching $1,450-1,460/tonne CFR Taiwan this week, reflecting higher feedstock and energy costs as well improved derivative purified terephthalic acid (PTA) prices.

The European settlement was agreed on a FD (free delivered) NWE (northwest Europe) basis.

($1 = €0.81)

By: Truong Mellor
+44 208 652 3214

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