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.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections