10 June 2013 13:53 [Source: ICIS news]
LONDON (ICIS)--An initial European June paraxylene (PX) contract has been agreed at €1,092/tonne ($1,436/tonne), down €28/tonne from last month, one producer said on Monday.
The number is broadly in line with current Asian spot levels, which closed last week at $1,430-1,435/tonne FOB (free on board) Korea.
Downstream, the European purified terephthalic acid (PTA) market is experiencing some shortage as a result of reduced output on the back of poor margins.
Following months of depressed demand, the pull for PTA from downstream polyethylene terephthalate (PET) looked like it had begun following a lacklustre 2013 so far.
The European PX 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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