Market and product
Europe PX settlement fails to achieve consensus again
An initial settlement was reached last week at €790/tonne, as confirmed by one buyer on Monday.
However, the settlement was not universally well received.
“I cannot confirm. To my understanding it’s not a valid settlement,” said a second buyer involved in contract negotiations.
The lack of agreement could be due to further falls in global PX and feedstock prices this week.
“I’m not surprised. If you consider last week, [the settlement] was acceptable. For this week it’s very high,” said a downstream producer.
The lack of consensus once again opens the spectre of a split settlement as happened in July and October.
“We had already that situation two times. It’s not a perfect situation. In case of this situation we would need to solve it. Of course we prefer one settlement,” said a PX producer not involved in the settlement.
