07 October 2012 14:47 [Source: ICIS news]
BUDAPEST (ICIS)--The European October paraxylene (PX) contract price has been confirmed at €1,190/tonne ($1,545/tonne), a rollover from the previous month, as the initial settlement received further support from players on Sunday.
Speaking on the sidelines of the 46th annual European Petrochemical Association (EPCA) meeting, one major buyer said that the European market was balanced owing to some ongoing production problems, but weak downstream demand was keeping players bearish nonetheless.
Many in the domestic market were taking cues from Asia, where a settlement for October was reached at $1,490/tonne CFR (cost and freight) Asia, a somewhat modest increase of $40/tonne compared to earlier nominations by producers seeking $150-200/tonne rises this month.
However, one major European producer noted that the Asian market settled at its lowest point for October, only for the spot market to subsequently gain ground.
The contract was agreed on a free delivered (FD) northwest Europe (NWE) basis.
The annual EPCA meeting runs from 6-10 October.
($1 = €0.77)
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