14 November 2012 13:30 [Source: ICIS news]
BERLIN (ICIS)--The European November paraxylene (PX) contract price has been settled at €1,210/tonne ($1,532/tonne), up €20/tonne from the previous month, one seller confirmed on Wednesday.
The delay in the European settlement this month was largely driven by a failure in the Asian market to reach a consensus on a number for November.
One major European buyer earlier said it was braced for a minor increase, although current demand levels among key derivative markets did not support any upward movement on pricing.
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Looking ahead into 2013, there is an expectation that PX will remain balanced-to-tight globally, as STDP (selective toluene disproportionation) operating rates are kept lower on poor economics with benzene and toluene.
The contract was agreed on a free delivered (FD) northwest Europe (NWE) basis. Further confirmation from other players is pending.
The 11th World Aromatics & Derivatives Conference, organised by ICIS and International eChem, is taking place on 13-14 November.
($1 = €0.79)
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