Spot prices for European paraxylene shot up $82.50/mt to $1,450/mt FOB ARA Friday on the back of increased mixed xylene prices and a force majeure at BP's plant in Belgium. Sources said that a lack of paraxylene in the market, other than a 5kt tender from Petkim for H2 September, reportedly offered at $1,400/mt plus, meant that spot price indications were difficult to come by. However, in a sign that demand existed for PX at much higher prices than notionally suggested by market participants, Trammochem bid 5kt for September loading at $1,465/mt FOB Rotterdam - and subsequently improved to $1,470/mt - during the Platts Market on Close assessment process.
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