The contract price of paraxylene for March shipments has swelled by EUR110 per tonne in Europe compared to the amount of the earlier month .

The contract price was accepted on free delivery terms.

Contract prices were settled at EUR760 per tonne, FD NWE and EUR770 per tonne, FD NWE. Thus, the average contract price was accepted in the middle of confirmed deals at EUR765 per tonne, FD NWE.

Paraxylene prices were pressurised upwards in the European market due to the restricted supply, huge demand, as well as rising crude oil prices and higher material quotations in Asia.

Earlier it was reported that the contract price of paraxylene in Europe for February supplies was agreed at the level of EUR655 per tonne, which is EUR55 per tonne higher than the level of January this year.

Paraxylene is a raw material for the synthesis of terephthalic acid, an intermediate product for the production of polyethylene terephthalate (PET).