US PX August contract price up following Asia prices

22 August 2012 20:19  [Source: ICIS news]

MIAMI, Florida (ICIS)--The US paraxylene (PX) August contract has been fully settled at a 6.15 cents/lb ($136/tonne, €109/tonne) increase from the previous month, following price movements in Asia, a major producer and buyer said on Wednesday.

The August PX contract was fully settled at 69 cents/lb DEL (delivered) USG (US Gulf), compared with 62.85 cents/lb in July.

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 Chemicals, ExxonMobil Chemical, Chevron Phillips Chemical and Flint Hills Resources.

($1 = €0.80)

By: Blanca Venegas

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