21 December 2012 19:26 [Source: ICIS news]
NEW YORK (ICIS)--The contract price for ?xml:namespace>
The US PX contract follows the PX Asian Contract Price (ACP), which settled lower in December by $16/tonne to $1,550/tonne CFR (cost & freight)
US PX spot export prices were notionally down in the week by 1 cent/lb to 70-71 cents/lb FOB (free on board), based on spot PX prices in Asia, which were assessed lower on the back of persistently strong buying resistance and limited liquidity in the Asian spot market.
PX is said to be in short supply for 2013, and prices for PX and downstream polyethylene terephthalate (PET) are expected to rise as demand kicks in during the first quarter, sources said.
PX is primarily used to make purified terephthalic acid (PTA), an intermediate chemical used in the production 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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