05 February 2013 11:49 [Source: ICIS news]
LONDON (ICIS)--An initial February Europe paraxylene (PX) contract has been agreed at €1,260/tonne ($1,702/tonne), up €15/tonne from the previous month, one producer confirmed on Tuesday.
According to the producer, the €15/tonne increase was a compromise between buyers and sellers, with the $60/tonne increase seen in the Asian contract price this month lending some upward pressure to Europe.
However, derivative demand in Europe remains poor, and downstream players are already struggling with squeezed margins and rising raw material costs.
The European contract was agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.74)
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