20 July 2012 23:59 [Source: ICIS news]
LONDON (ICIS)--European phthalic anhydride (PA) July contracts have settled at a reduction of €115/tonne ($142/tonne), mirroring the fall in the July feedstock orthoxylene (OX) contract price, buyers and sellers said on Friday.
Producers had been aiming for contract price reductions of less than the OX fall in order to restore margins. Nevertheless, despite PA supply constraints, they were unable to limit price falls because of poor margins downstream.
Polynt has declared force majeure on its European PA supplies because of a shortage of OX.
($1 = €0.81)
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