US PX September contract settles up following Asia

19 September 2012 20:56  [Source: ICIS news]

MIAMI, Florida (ICIS)--The US paraxylene (PX) September contract has been fully settled at a 5.5 cents/lb ($121/tonne, €93/tonne) increase from the previous month, following price movements in Asia, a major producer and buyer said on Wednesday.

The September PX contract was fully settled at 74.5 cents/lb lb DEL (delivered) USG (US Gulf), higher compared with 69 cents/lb in August.

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 = €0.77)

By: Blanca Venegas

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