Europe February orthoxylene increases by €100/t to €1,060/tonne

02 February 2012 11:06  [Source: ICIS news]

LONDON (ICIS)--An initial European February orthoxylene (OX) contract has settled up by €100/tonne at €1,060/tonne ($1,395/tonne) because of high spot prices, a producer said on Thursday.

"The market has seen these increases because of high spot prices in Europe, Asia and the US," the producer said.

"Also, mixed xylene, gasoline and naphtha costs are rising, the weak euro is putting pressure on prices."

The producer said demand now is healthier than in December and January, and said there is a general trend in the aromatics complex at the moment for rising prices.

A buyer confirmed its prices had increased by the same amount because of high prices in Asia.

"Producers are exporting to Asia, so that brings the price up. We are still in wintertime, but we have to accept it."

The OX settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis. Further confirmation from other market players is pending.

($1 = €0.76)

By: Helena Strathearn
+44 208 652 3214

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