Europe December DMT reference price decreases with PX

21 December 2012 23:59  [Source: ICIS news]

LONDON (ICIS)--European December dimethyl terephthalate (DMT) reference prices decreased by €3/tonne ($4/tonne), in line with upstream paraxylene (PX) developments, according to sources on Friday.

PX buyers are vying for a decrease in January after the December contract price settled at €1,205/tonne FD (free delivered) NWE (northwest Europe), down €5/tonne from the previous month, in an attempt to get the price below €1,200/tonne. Anything higher would be a false indication of market conditions, they said. Others, though, expect to see the pressure from Asia result in an increase in Europe. The outcome remains to be seen.

This week's first-quarter settlement of methanol, DMT's other raw material, will automatically impact January's DMT reference prices, according to ICIS calculations.

The European methanol contract price for the first quarter of 2013 was agreed this week at €370/tonne FOB (free on board) Rotterdam, an increase of €30/tonne. The move takes the contract price to its highest level since 2008 and is the result of persistent tightness and high spot prices throughout the fourth quarter of 2012.

($1 = €0.76)

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By: Caroline Murray
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