17 October 2013 18:28 [Source: ICIS news]
NEW YORK (ICIS)--The October contract price for US paraxylene (PX) was settled during this week at a 2 cent/lb ($44/tonne, €33/tonne) decline from September, sources said on Thursday.
The October contract price falls back to the level at which it was in August, which is 73.5 cents/lb delivered (DEL). The September contract price was 75.5 cents/lb DEL.
A softer PX Asian Contract Price (ACP) in October and a long market put downward pressure on US pricing, market sources said.
The US PX contract price typically follows trends in the PX Asian Contract Price (ACP).
PX is primarily used to make purified terephthalic acid (PTA), an intermediate chemical used to manufacture 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 = €0.74)
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