London — The European paraxylene contract for June has been fully settled atEur890/mt ($1,040/mt) FD NWE, the buyer involved said Tuesday.
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Register NowThis followed an initial settlement at the same price, which wasconfirmed by another buyer and a seller Monday.
The full settlement represented an increase of Eur60/mt from May's fullsettlement at Eur830/mt.
A monthly contract price is considered fully settled once two independentproducers and two consumers have agreed the same price.
The month-on-month increase came amid the restart of Indorama'sdownstream 700,000 mt/year Sines PTA plant in Portugal, which sources said hadattracted PX imports from the Middle East, in addition to tightening supplieswithin Europe.
Support for the euro-denominated PX ECP also came against the backdrop ofa weak euro, which has remained below $1.17 this week.
Firm Asian spot PX prices, which hovered above $1,000/mt a few weeksearlier, 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