20 December 2013 12:53 [Source: ICIS news]
LONDON (ICIS)--The December European paraxylene (PX) contract has been confirmed at a rollover of €1,055/tonne ($1,445/tonne) on Friday, as the initial settlement received further support from players earlier this week.
While the seller involved in the initial agreement for December felt that the rollover was a compromise between both sides, several buyers were adamant that prices should come down this month, in line with a slower market ahead of year-end.
Asian PX pricing has remained steady so far this month in the low $1,400s/tonne on a FOB Korea basis while the US has hovered just below $1,400/tonne FOB.
As a result, many European consumers had been pushing for a reduction of at least €10-20/tonne to move European numbers in sync with global price levels.
The contract was agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.73)
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