Initial NWE Sept PX CP agreed at €1,130/tonne

LONDON (ICIS)–An initial European September paraxylene (PX) contract price has been settled at €1,130/tonne ($1,506/tonne), an increase of €30/tonne, one seller said on Thursday.

The negotiation process was hampered by the failure of the Asian market to reach an agreement for September, as well as some volatility midweek on crude oil futures.

An increase had been predicted by numerous players in the PX market, with Asian spot prices remaining steady around the $1,500/tonne CFR (cost and freight) level so far this month.

Firmer feedstock mixed xylenes (MX) pricing on bullish US sentiment, as well as renewed domestic demand following the summer holiday period also supported an increase this month.

The contract was agreed on a free delivered (FD) northwest Europe (NWE) basis.

Further confirmation from other players is pending.

($1 = €0.75)