US August PX contract settles up on firmer crude, MX

HOUSTON (ICIS)–US paraxylene (PX) contracts settled higher for August, tracking higher prices upstream and in Asia, market sources said on Friday.

The August contract price settled at 41.50 cents/lb ($915/tonne), up from 39.75 cents/lb in July, responding to an uptick in crude and feedstock mixed xylenes (MX).

US Gulf and Asia spot prices for PX had been trending higher in July and heading into August. The Asia contract price also settled up for August.  

Selective toluene disproportionation (STDP) units, which produce a PX-rich stream of MX, have been heard to be running near or at capacity for the last few weeks. MX supply was heard to be tight this week.

PX is used in the production of purified terephthalic acid (PTA), which is used to make polyethylene terephthalate (PET) bottle resin and polyester fibre.