US August OX contract settles at 65 cents/lb on higher MX

12 August 2011 20:48  [Source: ICIS news]

HOUSTON (ICIS)--The August contract price for US orthoxylene (OX) was settled at 65 cents/lb ($1,433/tonne, €1,003/tonne) FOB  (free on board) USG (US Gulf), two buyers said on Friday.

This represents a 5.50 cent/lb increase from the July contract price of 59.50 cents/lb FOB USG.

Confirmation of the August contract price could not be obtained on the sell side.

The August OX contract was originally nominated in mid-July at 70 cents/lb FOB, representing a 10.50 cent/lb increase from July, but this proposal was widely viewed as unrealistic by buyers at the time.

The mixed xylene (MX) contract was settled one week ago at $4.23/gal FOB, up 58 cents/gal from July.

The MX contract is the principal determinant of the OX contract price.

OX is primarily used to make phthalic anhydride (PA), a plasticiser. Major US OX producers include ExxonMobil Chemical and Flint Hills Resources.

($1 = €0.70)

For more on orthoxylene visit ICIS chemical intelligence

By: Samuel Weatherlake
+44 20 8652 3214

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