18 January 2011 21:06 [Source: ICIS news]
HOUSTON (ICIS)--A US phthalic anhydride (PA) producer said on Tuesday that it initially settled January contracts at a 3-cent/lb ($66/tonne, €50/tonne) increase from the previous month, effectively widening the spread between PA and feedstock orthoxylene (OX) prices.
The January OX contract settled at 51 cents/lb, a rollover from the previous month.
A PA buyer confirmed the contract settled at an increase of 3 cents/lb. The price hike applies to molten free on board (FOB) and flake delivered (DEL) contracts.
PA producers said the increase would cover plant maintenance, expected to occur late this year.
However, other PA suppliers on Tuesday did not immediately confirm settling January contracts.
December PA molten prices were between 66.50-75.00 cents/lb FOB (free on board), as assessed by ICIS.OX suppliers announced nominations for February contracts, which would affect February PA prices, buyers said.
One OX nomination was a proposed increase of 7 cents at 58 cents/lb, while a second OX producer nominated February contracts at 60 cents/lb.
PA is an intermediate chemical used to manufacture plasticisers and resins.
Major US PA producers include BASF, Stepan, Koppers and ExxonMobil.
($1 = €0.75)
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