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Editor Caroline Murray, caroline.murray@icis.com
NOTE: For full details on the criteria ICIS pricing uses in making these price assessments visit www.icispricing.com and click on “methodology”.
Dimethyl terephthalate (DMT) reference prices remained unchanged in February at €777-818/tonne FD NWE, based on the rollover experienced by upstream paraxylene (PX). Demand for DMT was fairly strong, according to a source.
Spot activity in the European PX market was lacklustre this week ahead of the March contract settlement. PX prices in Asia had so far yet to rebound following the Lunar New Year holiday, which kept the arbitrage window between the two regions closed.
One European consumer said that demand from key downstream sectors was relatively healthy, and had not seen the forces majeures declared by Total have any significant impact on the PX market.
There was no clear indication as of yet regarding where the March contract price would settle. Following the rollover at €800/tonne FD NWE in February and a swift Asian settlement at $1,020/tonne CFR Asia, some consumers were hopeful for a slight reduction.
Methanol spot prices edged higher in Europe this week, supported by news that Mider Helm’s 660,000 tonne/year plant at Leuna, Germany, would likely be out until mid-March at the earliest. The increases were modest, however, and sources were divided over the extent to which the market would be affected. Deals for March and April were heard at €212-218/tonne FOB Rotterdam, up from €205-212/tonne last week.
Initial reports had purified terephthalic acid (PTA) rolling over in February, as per its feedstock PX, which was unchanged from January at €800/tonne FD NWE.
Unfavourable exchange rates were causing competitive PTA from Asia to fall by the wayside, giving customers less options to shop around for better deals. There was no news on the earlier initiation of an anti-subsidy proceeding concerning imports of upstream PTA originating from Thailand.
($1= €0.74)
This week on ICIS news ( www.icis.com ) :
26-Feb-10 08:58 Asia March PX ACP settles $35/tonne lower
26-Feb-10 02:40 Methanex hikes March methanol APCP by $15/tonne
26-Feb-10 08:58 Asia March PX ACP settles $35/tonne lower
26-Feb-10 08:36 China’s Xiang Lu to start up PX, PTA plants by 0ctober 2011
ICIS pricing has launched the new Polyethylene pipe grade (Europe) price report offering price assessments featuring the FD NWE quote. Request a free sample report at sales.uk@icis.com or call +44 (0)20 8652 3335
