05 September 2012 10:31 [Source: ICIS news]
LONDON (ICIS)--An initial European September orthoxylene (OX) contract has been agreed at €1,140/tonne ($1,425/tonne), two producers and one buyer said on Wednesday, up by €50/tonne from the previous month’s settlement.
One producer said the settlement was in line with expectations. “I don’t think it’s a surprise, with the high gas and naphtha prices in the market now.”
A consumer said: “I can confirm a settlement at €1,140/tonne ... with the development of the raw material prices and the tightness in the market, prices have gone up. I do expect the situation to relax in October, and maybe prices will decrease if suppliers are back online. I believe this tightness is short-term.”
The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.80)
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