09 January 2006 18:40 [Source: ICIS news]
BUENOS AIRES (ICIS news)--January contract price settlements were reached late in the week ended 6 January at 40 cents/pound ($881.60/tonne) free on board (FOB), up 3.5 cents/pound from December, primarily because of stronger feedstock mixed xylenes (MX) prices, US producers and consumers said on Monday.
The January US MX contract price between a major buyer and its suppliers jumped by 15% from December, settling up 30 cents/gal at $2.30 (Euro1.90)/gal FOB. Meanwhile, soaring gasoline prices propelled ?xml:namespace>
Increased offshore demand for US Gulf OX was also mentioned as a driver behind rising domestic contract prices.
One US Gulf producer said OX requests from
US producers originally set out to secure 3.5-5 cents/pound hikes for January contract price levels, as nominations were issued mid-December in a 40-41.5 cents/pound FOB range.
The January 2006 settlement level of 40 cents/pound FOB was the highest reached since September 2005, when contract prices were settled at 43 cents/pound FOB.
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