The July US paraxylene contract price settled at 71 cents/lb ($1,565.27/mt), one cent lower from June's contract price, sources said Tuesday.
The settlement is in line with market expectations of a 1-2 cents decline because of a weak spot demand attributed to a slow Asian PX market, sources said.
The settlement for June was a rollover from May's contract price at 72 cents/lb.
There's been a slight pickup in Asian PX, but market participants are skeptical about this carrying over into the US market.
Domestically, downstream purified terephthalic acid demand has been slower than expected because of the length of supply in further downstream markets.
The US spot PX was last assessed Monday at $1,440/mt FOB US Gulf Coast.
