London (Platts)--12Nov2012/1157 am EST/1657 GMT

The European contract price for paraxylene in November has been fully settled at Eur1,210/mt ($1,539/mt) FD NWE, sources said Monday.

The price represents a Eur20/mt increase over the October ECP.

A producer said there was a settlement "late Friday" and that the price was now a full settlement, though the producer would not confirm which parties had settled the contract.

European contracts will often move roughly in line with the Asian contract price.

November PX ACP negotiations ended without settlement, as nominations finished in a $1,550-1,580/mt range, while buyers counter bid at $1,525/mt.

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The October ACP was settled at $1,490/mt.

Expectations for the ECP had ranged from a rollover to a Eur20/mt increase, as downstream demand for purified terephthalic acid and polyethylene terephthalate continues to fall and producers of the two products face increasingly tight margins.

"It was painful, but everybody had to compromise," the producer said.

Last week, nominations were heard at Eur1,230/mt, sources said.

--Brendan Daly, brendan_daly@platts.com
--Edited by Jonathan Fox, jonathan_fox@platts.com

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