Initial Europe November OX settles up €35/tonne at €650/tonne

04 November 2009 13:47  [Source: ICIS news]

LONDON (ICIS news)--An initial European November orthoxylene (OX) contract has settled at €650/tonne ($956/tonne), up €35/tonne from October, a producer and a buyer said on Wednesday.

The settlement was agreed on a free on board (FOB) northwest Europe (NWE) basis.

“We haven’t seen any major pick-up in demand or export opportunities,” said the buyer involved.

“However, availability was shortened by the problems with the Rhine [River] water levels, and we have also seen higher crude and mixed xylenes numbers,” the buyer said.

The buyer added that producers were originally looking for an increase of €70/tonne and that the €35/tonne-hike was a compromise.

Further confirmation from other market players was pending.

($1 = €0.68)

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By: Truong Mellor
+44 208 652 3214

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