US April OX contract settles at a roll over

13 April 2012 19:10  [Source: ICIS news]

HOUSTON (ICIS)--The US orthoxylene (OX) contract has been settled at a rollover from March at 71 cents/lb ($1.565/tonne, €1,190/tonne), a buyer and contract participant said on Friday.

Industry sources said that because OX supply remains tight as a result of a recent force majeure (FM) declaration on OX and supply is not readily available, the April contract settled flat from March and not lower by 2 cents/lb, as was expected. 

The OX contract usually settles after the mixed xylene (MX) contract has been concluded. The April MX contract settled at $4.24/gal ( €0.85/litre), down by 10 cents/gal from the March price of $4.34/gal.

OX is primarily used to make phthalic anhydride (PA), a key intermediate in the production of plasticisers, which are used to make products such as flexible polyvinyl chloride (PVC).

Major US OX producers include ExxonMobil Chemical and Flint Hills Resources.

($1 = €0.76)

By: Blanca Venegas

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