US October PX contract settles up following Asia prices

19 October 2012 20:06  [Source: ICIS news]

HOUSTON (ICIS)--The US paraxylene (PX) October contract has been fully settled at a slight increase following price direction from Asia, a major producer and buyers said on Friday.

The October contract settled at 75 cents/lb ($1,653/tonne, €1,273/tonne) DEL (delivered) USG (US Gulf), as assessed by ICIS, up from 74.5 cents/lb DEL in September.

The US PX contract price is usually settled in the first half of the month to which it applies, guided by the PX Asian Contract Price (ACP).

The October PX ACP was settled at $1,490/tonne CFR (cost and freight) Asia, a $40/tonne increase from the previous month.

PX goes primarily into the manufacture of purified terephthalic acid (PTA), an intermediate chemical for making polyethylene terephthalate (PET), which is largely used to make plastic bottles.

Major US PX producers include BP Chemicals, ExxonMobil Chemical, Chevron Phillips Chemical and Flint Hills Resources.

($1 = €0.77)

By: Feliza Mirasol
+1 713 525 2653

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