Initial Europe November OX settles down €20/t at €1,120/tonne

05 November 2012 16:22  [Source: ICIS news]

LONDON(ICIS)--An initial European November orthoxylene (OX) contract has been settled at €1,120/tonne ($1,436/tonne), a reduction of €20/tonne from the previous month, one consumer said on Monday.

While several parties are said to have agreed at €1,120/tonne, one other buyer said that it had so far failed to come to an agreement with its supplier.

Despite several turnarounds at present keeping supply in Europe balanced, demand from key end-use sectors such as construction and automotive is softening.

One seller felt that contractual demand remains solid, and that while activity was tailing off towards the end of the year as players manage inventory levels, this has been largely predicted and accounted for.

The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis, with further confirmation from other players pending.

($1 = €0.78)

By: Truong Mellor
+44 208 652 3214

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