06 September 2012 14:46 [Source: ICIS news]
LONDON (ICIS)--An initial European September paraxylene (PX) contract has settled at €1,190/tonne ($1,506/tonne), a €60/tonne increase from the August contract price, a producer said on Thursday.
Market sources said this week that they had expected an increase. “Feedstock costs are high and the market is tight,” the seller said.
The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis.
The agreement follows settlements last week of the PX Asian Contract Price (ACP). On 31 August, three Asian PX suppliers had settled their September ACP with their respective buyers at $1,450/tonne CFR (cost and freight) ?xml:namespace>
Further confirmation from other players is pending.
($1 = €0.79)
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