13 February 2014 09:31 [Source: ICIS news]
LONDON (ICIS)--An initial February European paraxylene (PX) contract has been agreed at €975/tonne, down €92/tonne from an initial settlement in January, several players said on Thursday.
There was no confirmed agreement among European PX players in January following the initial settlement at a €12/tonne increase from the previous month, as other buyers and sellers failed to reach any consensus as the Asian spot market plummeted over the course of the month.
Several downstream players in Europe later confirmed that they had elected to rollover January business despite the initial settlement, while others were looking to combine January and February volumes following a confirmed number this month.
A sharp downward correction had been expected for the February number, alongside continued bearishness in the Asian market and sluggish derivative demand in Europe.
The contract was agreed on a free delivered (FD) northwest Europe (NWE) basis. Further confirmation from other players is pending.
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