11 May 2012 20:03 [Source: ICIS news]
HOUSTON (ICIS)--US May contract prices for orthoxylene (OX) fell by 4.2%, tracking lower Asian values and softer demand in that region, sources said on Friday.
Buyers and sellers confirmed that May US OX contract prices settled at 68 cents/lb ($1,499/tonne, €1,154/tonne) on an FOB (free on board) basis.
This represents a 3 cent/lb fall from April’s settlement at 71 cents/lb.
OX demand in the US was said to be steady, but supply improved on the lifting of a force majeure by a major US supplier.
Sources added that the drop in West Texas Intermediate (WTI) crude futures played little to no role in the May drop for OX prices.
Also, OX values in Asia weakened on softer end-use demand and ample inventories.
Major US OX producers include ExxonMobil Chemical and Flint Hills Resources.
($1 = €0.77)
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