10 December 2012 13:37 [Source: ICIS news]
LONDON (ICIS)--An initial European December paraxylene (PX) contract price has been settled at €1,205/tonne ($1,545/tonne), down €5/tonne from the previous month, one seller confirmed on Monday.
Despite some upward pressure from Asia, where the December number was agreed at $1,550/tonne CFR (cost & freight) Asia, weak derivative demand in Europe saw a drop from the previous month.
The absence of several players with the holiday season approaching led to some delays in the contract negotiation process.
Sellers had initially been pushing for an increase to keep European levels above Asia, but continued bearishness downstream meant that buyers were able to secure a minor reduction this month.
The contract was agreed on a free delivered (FD) northwest Europe (NWE) basis. Further confirmation from other players is pending.
($1 = €0.78)
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