09 January 2013 11:35 [Source: ICIS news]
LONDON (ICIS)--The Europe January paraxylene (PX) contract price has been settled at €1,245/tonne ($1,638/tonne), up €40/tonne from the previous month, several sources confirmed on Wednesday.
One seller said there had been an initial settlement done earlier this week at €1,245/tonne between a buyer and a seller, broadly in line with the Asian contract price for January at $1,625/tonne CFR (cost and freight) Asia.
This was later confirmed by numerous buyers and sellers in the market. One producer said the number was lower than it had expected, but the buyer involved deemed the settlement a compromise.
While producers were said to have been pushing for parity with Asia plus freight costs, slower-than-expected downstream demand so far in 2013 tempered any upward movement.
The European contract was agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.76)
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