May US contract for PX not settled due to delayed Asian contract

10 May 2013 21:06  [Source: ICIS news]

NEW YORK (ICIS)--The May contract price for US paraxylene (PX) was not settled this week due to US market participants waiting to see what will happen with the PX Asian Contract Price (ACP), sources said on Friday.         .

Some market participants talked about US PX being settled slightly higher in May, but overall they were uncertain how the market would proceed. Sources could only confirm that May contract negotiations are delayed because the May PX ACP has not been settled.

US market players base their price negotiations on the PX ACP.

The PX US contract was at 72.25 cents/lb ($1,593/tonne, €1,227/tonne) for April, which was a 7.25-cent/lb decline from March.

US PX spot prices were notionally up by 1 cent/lb ($22/tonne) today on the back of firmer Asian PX spot prices.

US supply and demand are said to be in balance.

PX is primarily used to make purified terephthalic acid (PTA), an intermediate chemical used in the production PET. A major outlet for PET is in the production of plastic bottles for beverages.

Major US PX producers include BP Chemicals, ExxonMobil Chemical, Chevron Phillips Chemical and Flint Hills Resources.

($1 = €0.77)

 


By: Feliza Mirasol
+1 713 525 2653



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