05 November 2010 14:21 [Source: ICIS news]
LONDON (ICIS)--The European November orthoxylene (OX) contract has been settled at €825/tonne ($1,179/tonne), up €35/tonne from October, producers and consumers confirmed on Friday.
“Yes, I can confirm €825/tonne as the November OX contract,” a major consumer and producer of phthalic anhydride said.
A major producer, breaking news of the settlement, said: “I can confirm that we settled the contract price at noon. We decided €825/tonne, which is up €35/tonne.”
The producer added that the increase was based on supply and demand, as well as raw material costs.
“The market is balanced to tight, with a force majeure in southern Europe, and crude is firmer,” the producer added.
The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis.
The October OX contract was agreed at €790/tonne FD NWE, unchanged from September.
($1 = €0.70)
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