01 August 2013 23:41 [Source: ICIS news]
NEW YORK (ICIS)--The July contract price for US paraxylene (PX) was finally fully settled late in the day on 31 July at a 1 cent/lb ($22/tonne, €17/tonne) from June, sources confirmed on Thursday.
Final settlement was delayed throughout July because some producers and consumers could not come to agreement. The market was partially settled for much of the month.
With the decline, the July PX contract price is at 71 cents/lb delivered (DEL).
Though August price direction has not yet fully emerged, some sources said they expect PX to increase in August on the back of stronger US mixed xylenes (MX) prices.
PX is primarily used to make purified terephthalic acid (PTA), an intermediate chemical used in the production polyethylene terephthalate (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 = €0.75)
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