06 June 2012 14:45 [Source: ICIS news]
LONDON (ICIS)--The European June orthoxylene (OX) contract has decreased by €20/tonne from the previous month’s record high and settled at €1,160/tonne ($1,450/tonne), two producers and two consumers confirmed on Wednesday.
The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis.
A buyer said a reduction had been expected in line with softening prices and demand in both the US and Asian markets. However, the weaker euro against the dollar helped mitigate the downward movement.
In the spot market, there was a deal for June material heard at $1,630/tonne FOB (free on board) Rotterdam (Rdam). The range is now at $1,600-1,650/tonne FOB Rdam.
OX is largely used in the production of phthalic anhydride (PA) and is generally extracted by distillation from a mixed xylenes (MX) stream in a plant primarily designed for paraxylene (PX) production.
Additional reporting by Truong Mellor
($1 = €0.80)
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