07 June 2010 15:39 [Source: ICIS news]
LONDON (ICIS news)--The European June orthoxylene (OX) contract has settled at €820/tonne ($976/tonne), down €25/tonne from May because of falling crude and OX values in the US and Asia, market players confirmed on Monday.
“We fixed on Friday [4 June] at €820/tonne, but we should have closed the contract before the end of May. Prices have decreased in the ?xml:namespace>
A second major buyer for the production of OX derivative phthalic anhydride (PA) said: “Yes, I can confirm €820/tonne”.
The buyer said it was experiencing acceptable, albeit it not very strong, demand for PA. Since the buyer was fully covered on contract, it had not suffered any availability issues in the OX market.
“I am fully covered on contract. I heard there is some spot available, but I am not involved in this market,” the buyer source said.
A third European OX contract buyer also confirmed €820/tonne as its June contract price.
Confirmation followed news of an initial settlement made on 4 June at €820/tonne.
The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.84)
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