06 October 2009 21:46 [Source: ICIS news]
HOUSTON (ICIS news)--A US October orthoxylene (OX) contract was settled 2.50 cents/lb ($55/tonne, €37/tonne) lower than the September benchmark in response to weaker mixed xylenes (MX) values , a producer said on Tuesday.
The FOB (free on board) contract for the US Gulf (USG) was settled at 37.50 cents/lb, down from 40 cents/lb.
A buyer involved in the contracts had targeted a 4 cent/lb fall in October contracts following producer nominations of 42-43 cents/lb.
Energy and feedstock prices receded but not enough to warrant 4-cent concessions, a contract supplier said.
"The drop was somewhat reflective of feedstock costs - energy feedstock prices, mixed xylenes," the producer said. "And by no means has downstream demand come back."
US spot mixed xylenes (MX) were valued at $2.40-2.45/gal in mid-September before dropping to $2.10-2.25/gal at the end of last week, according to ICIS pricing.
The lower spot values followed a 20 cent/lb drop in the D5211-grade October contract for US mixed xylenes (MX) at $2.14/gal.
($1 = €0.68)
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