12 April 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--The European April dimethyl terephthalate (DMT) reference price dropped on Friday by €88/tonne ($116/tonne) from March, in line with the hefty decrease in upstream paraxylene (PX) prices, while methanol, DMT's other feedstock, increased.
Both PX and methanol were taken into account in the ICIS calculation which takes DMT to €985-1,026/tonne FD (free delivered) NWE (northwest Europe).
The European PX contract was confirmed at €1,120/tonne FD NWE, down by €130/tonne from the previous month. Following the sharp drop in the April Asian settlement, players had been predicting a corresponding decrease in Europe. Initial predictions of a €50-80/tonne reduction for April were revised in light of the Asian number, with several downstream players anticipating a triple-digit drop.
The European methanol contract price for the second quarter was agreed at €390/tonne FOB (free on board) Rotterdam, up €20/tonne from the previous quarter.
($1 = €0.76)
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