The August Northwest European paraxylene contract price has been fully settled at Eur745/mt ($987/mt) FD NWE, a fall of Eur40/mt from the July CP of Eur785/mt.
The settlement was confirmed by consumer Invista and a producer on Friday, who said they had followed an initial settlement between producer ExxonMobil and a UK consumer.
Producer Total said it would also be willing to follow the initial price.By Monday a source at consumer Cepsa Quimica confirmed having followed the initial settlement, but added it was not satisfied with the final outcome.
"We would have liked at least Eur10/mt less, but bearing in mind the PX [supply] situation and [euro/dollar] exchange rate the settlement was
unavoidable," the source said.
"We were looking for something lower though, so we did not want to agree the initial price."
On Friday a producer said it was disappointed with the August CP, adding it had been the target of consumers to reduce the price gap with Asia after the July contract price saw a disparity of Eur80/mt with the Asian contract price.
The settlement was confirmed by consumer Invista and a producer on Friday, who said they had followed an initial settlement between producer ExxonMobil and a UK consumer.
Producer Total said it would also be willing to follow the initial price.By Monday a source at consumer Cepsa Quimica confirmed having followed the initial settlement, but added it was not satisfied with the final outcome.
"We would have liked at least Eur10/mt less, but bearing in mind the PX [supply] situation and [euro/dollar] exchange rate the settlement was
unavoidable," the source said.
"We were looking for something lower though, so we did not want to agree the initial price."
On Friday a producer said it was disappointed with the August CP, adding it had been the target of consumers to reduce the price gap with Asia after the July contract price saw a disparity of Eur80/mt with the Asian contract price.
