14 December 2012 22:01 [Source: ICIS news]
NEW YORK (ICIS)--The December contract price for US paraxylene (PX) is expected to settle up, but no final settlement was heard yet, market participants said on Friday.
Players pointed to firm prices in the Asian PX spot market and higher values in US mixed xylenes (MX) and other aromatics as factors that would push up the December PX price.
The US PX market is dictated by Asia, where the PX Asian contract price (ACP) settled for December at $1,550/tonne CFR (cost and freight) Asia.
US PX is also affected by the movement of aromatics, and prices for MX, toluene and benzene have been on the rise since the second half of November.
US spot PX prices were notionally down in the week by 1 cents/lb ($22/tonne, €17/tonne), following lower Asian spot PX prices on a CFR China Main Port and CFR Taiwan basis.
PX is primarily used to make purified terephthalic acid (PTA), an intermediate chemical used in the production of polyethylene terephthalate (PET). A major outlet for PET is in the production of plastic bottles for beverages.
Major US PX producers include BP Chemicals, ExxonMobil Chemical, Chevron Phillips Chemical and Flint Hills Resources.
($1 = €0.76)
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