The March European contract price for paraxylene was initially settled this week at Eur1,250/mt, Eur10/mt down on the February ECP for the purified terephthalic acid feedstock. Global PX prices were volatile in the past week and saw large falls as European spot prices fell $59/ mt last week, and a further $74/mt this week, to $1,425/ mt FOB ARA Friday. “Even Eur1,250 is not reflecting the market situation, and the price should be lower, although it should be a bit more stable,” a PTA producer said. In turn, many market participants expected further declines in PX prices, leading to expectations of further declines downstream. Some sources felt that due to weak demand and a long market, the expectation of further price decreases could damage the market.
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