The European paraxylene contract for June has been fully settled at Eur890/mt ($1,040/mt) FD NWE, the buyer involved said Tuesday.
This followed an initial settlement at the same price, which was confirmed by another buyer and a seller Monday.
The full settlement represented an increase of Eur60/mt from May’s full settlement at Eur830/mt.
A monthly contract price is considered fully settled once two independent producers and two consumers have agreed the same price.
The month-on-month increase came amid the restart of Indorama’s downstream 700,000 mt/year Sines PTA plant in Portugal, which sources said had attracted PX imports from the Middle East, in addition to tightening supplies within Europe.
Support for the euro-denominated PX ECP also came against the backdrop of a weak euro, which has remained below $1.17 this week.NWE June paraxylene contract price fully settled May
Firm Asian spot PX prices, which hovered above $1,000/mt a few weeks earlier, also lent support to the ECP negotiations.
European PX spot prices were last assessed Monday at $945/mt FOB ARA, up $20/mt on the day.
–Sam Hashmi, sam.hashmi@spglobal.com
–Edited by James Leech, james.leech@spglobal.com
Related Topics
-China’s Sinopec settles June paraxylene contract price at Yuan 7,460/mt, down Yuan 290/mt from May …China Sinopec June paraxylene contract price
-China’s Hengli aims to start first PX line in Nov, after refinery starts – China’s Hengli Petrochemical plans to start test runs at one of its two new paraxylene production lines in Dalian, Liaoning province, in November – China Hengli PX line
-Asian PX-MX spread hits 8-month low amid firm isomer-MX, sluggish PX – The spread between paraxylene and feedstock isomer-grade mixed xylene in Asia has reached its lowest level in eight months due to increased demand for MX for gasoline blending and sluggish PX demand – Asian PX MX spread sluggish PX
