Europe January DMT reference price increases with feedstocks

11 January 2013 23:59  [Source: ICIS news]

LONDON (ICIS)--January dimethyl terephthalate (DMT) reference prices increased by €36/tonne ($48/tonne) on Friday, in line with upstream paraxylene (PX) and methanol developments.

The ICIS DMT January reference range has increased to €1,070-1,111/tonne FD (free delivered) NWE (northwest Europe), the highest since March 2012.

DMT demand is normal for January, according to a source

Upstream, the Europe January PX contract price was settled at €1,245/tonne, up €40/tonne from the previous month.

While PX 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 methanol contract price for the first quarter of 2013 was agreed at €370/tonne, an increase of €30/tonne.

The increase takes the quarterly contract price to its highest level since the first quarter of 2008. However, there were few grievances from buyers, given the tight market conditions and high spot prices recorded throughout the current quarter.

($1 = €0.75)

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By: Caroline Murray
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