US September PX contract to rise on Asian prices

05 September 2012 22:47  [Source: ICIS news]

MIAMI, Florida (ICIS)--The US September paraxylene (PX) contract is projected to rise by 1-3 cents/lb ($22-66/tonne, €18-53/tonne), following Asian PX prices, sources said on Wednesday.

While a producer is targeting a 3 cent/lb increase in September, a buyer said prices are likely to rise by 1-1.5 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

The August PX ACP was settled at $1,365/tonne CFR (cost and freight) Asia.

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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