14 December 2012 11:24 [Source: ICIS news]
LONDON (ICIS)--The Europe December paraxylene (PX) contract price has been settled at €1,205/tonne ($1,586/tonne), down €5/tonne from the previous month, as the initial settlement received further support from players on Friday.
Despite some upward pressure from Asia, where the December number was agreed at $1,550/tonne CFR (cost and freight) Asia, weak derivative demand in Europe led to a drop from the previous month.
“The number was broadly in line with Asia,” said one producer.
Sellers had initially been pushing for an increase to keep European levels above the Asian market, but continued bearishness downstream meant that buyers were able to secure a minor reduction this month.
Meanwhile, spot levels in Asia have risen following the monthly settlement in December, reaching a peak of $1,660/tonne CFR Asia before starting to ease on slower derivative demand.
The European contract was agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.76)
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