15 March 2013 22:40 [Source: ICIS news]
HOUSTON (ICIS)--The March US paraxylene (PX) contract was confirmed to have settled at a decline of 4 cents/lb ($88/tonne, €68/tonne) on late Friday, according to trade participants.
The decline took the March PX contract down to 79.50 cents/lb DEL (delivered) and was in line with a $15/tonne drop in the March Asian PX contract price (ACP).
Trade sources had said last week that they expected a 2-3 cent/lb decline for March, given the weak outlook for Asian PX.
The March US PX contract typically settles early in the month, but the settlement had been stalled by delays in the ACP.
PX is primarily used to make purified terephthalic acid (PTA), an intermediate chemical used in the production of PET. A major outlet for PET is in the production of plastic bottles for beverages.
Major US PX producers include BP, ExxonMobil Chemical, ChevronPhillips Chemical and Flint Hills Resources.
($1 = €0.77)
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