10 April 2013 15:23 [Source: ICIS news]
LONDON (ICIS)--An initial European paraxylene (PX) contract has been agreed at €1,120/tonne ($1,474/tonne), down €130/tonne from the previous month, one buyer confirmed on Wednesday.
Following the sharp drop in the April Asian settlement, players had been predicting a corresponding decrease in Europe. However, spot numbers in the region had since started to show signs of recovery.
Two major PX producers in Asia settled their April Asian Contract Price (ACP) at $1,400/tonne CFR (cost & freight) Asia, down $285/tonne from February. There was no major settlement for March.
The buyer noted that while the Asian market had moved down, the €130/tonne decrease in Europe was more a reflection of domestic market conditions, which have struggled amid weak demand and high raw material costs since the start of the year.
The European contract was agreed on a free delivered (FD) northwest Europe (NWE) basis. Further confirmation from other players is pending.
($1 = €0.76)
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