10 October 2013 11:49 [Source: ICIS news]
LONDON (ICIS)--An initial European October paraxylene (PX) contract price has been settled at €1,108/tonne ($1,497/tonne), down €22/tonne from the previous month, one supplier said on Thursday.
Leading up to the annual European Petrochemical Association (EPCA) meeting in Berlin, Germany, earlier this week, several players felt that oil and energy losses combined with uncertain global economic sentiment, weak derivative demand and lower Asian pricing were likely to drive the monthly PX number lower.
Following several months in 2013 when the Asian market has failed to reach an agreement on the monthly contract price, one European buyer felt that domestic negotiations would take more time in order to correctly gauge the upcoming month before agreeing to a number.
The buyer cited the March settlement earlier this year and sharp subsequent downward correction seen in April.
The contract was agreed on a free delivered (FD) northwest Europe (NWE) basis.
Further confirmation from other players is pending.
($1 = €0.74)
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