24 May 2013 21:37 [Source: ICIS news]
NEW YORK (ICIS)--The US paraxylene (PX) May contract was fully settled at a slight decline of nearly 0.4%, or 0.25 cents/lb ($6/tonne, €5/tonne) from April, market sources said on Friday.
The May price was settled at 72.00 cents/lb DEL (delivered) compared to 72.25 cents/lb DEL in April.
US negotiations were stalled throughout most of May because of a lack of direction from the PX Asian Contract Price (ACP), which had no major settlement for the month of May. US market players typically base their negotiations on the PX ACP.
The US PX settlement is in line with an overall flat to softening price trend in the US. Downstream US polyethylene terephthalate (PET) prices are also expected to end flat in May.
US PX spot prices were notionally down by 2 cents/lb on the back of weaker Asian PX spot prices.
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)
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