22 August 2013 21:25 [Source: ICIS news]
NEW YORK (ICIS)--The August contract price for US paraxylene (PX) was fully settled during this week at a 2.5 cent/lb ($55/tonne, €41/tonne) increase from the July contract price, sources said on Thursday.
The August contract price is up to 73.5 cents/lb delivered (DEL) from 71.0 cents/lb DEL from July.
Sources expected the August PX price to rise from last month on firming PX prices in Asia and strong price trends in the US mixed xylenes (MX) market.
One source said he expected PX to rise in the range of the PX Asian Contract Price (ACP), which saw a $30/tonne or 1.4 cent/lb increase from July to August.
Sources did not comment on what pushed the US PX price up past the PX ACP level.
The US PX monthly contract typically follows trends in the PX ACP, but a disconnect during the summer months saw the US PX contract price settle apart from the PX ACP.
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 = €0.75)
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