The US August paraxylene contract has settled at 69 cents/lb ($1,521/mt), up 6.15 cents, a buyer and seller said Thursday. The July contract had settled at 62.85 cents/lb ($1,385.50/mt).
The increase is in line with movements seen in the spot paraxylene market as well as the upstream mixed xylene market. Spot paraxylene prices gained approximately $145/mt during the month of July, ending the month at $1,350/mt FOB US Gulf Coast. Prices have continued to gain into August with spot values last heard at $1,410/mt FOB USG, according to market sources.
Sources attributed the higher spot prices in part to rising mixed xylene values. Spot MX prices gained roughly 60 cents/gal during the first half of July on strong blend demand, though they fell off shortly thereafter. That decline was short-lived, however, as supply disruptions by at least two producers later helped push the price higher again.
The US August MX contract settled at 370 cents/gal. There was no definitive MX contract settlement during June and July.
