The October US paraxylene contract price has settled at 73.5 cents/lb ($1,620.38/mt), a decline of 2 cents from the September contract price, sources said Friday.
Market participants anticipated a fall in the contract price because of downward movement in spot prices and quiet demand. US paraxylene spot prices were tracking movement in the Asian paraxylene market.
Because the US is an exporter of product to Asia, price movement in the Asian market typically drives US pricing, sources said.
US paraxylene spot prices have been on a downward trend since September 26, when priced at $1,435/mt US Gulf Coast, based on Platts data.
The Asian paraxylene markets, pressured by sluggish downstream demand, were assessed Friday at $1,416.50/mt CFR Taiwan/China and $1,392.50/mt FOB Korea. The CFR Taiwan/China price marked the lowest level since April 2.
Domestically, downstream purified terephthalic acid demand has been slow amid excess supply further downstream.
The settlement for September was 2 cents higher than August’s contract price at 75.5 cents/lb, sources said.
The PX contract price is typically settled retroactively.
US spot PX was assessed Thursday at $1,380/mt FOB US Gulf Coast.
Source: platts.com
