05 December 2012 10:42 [Source: ICIS news]
LONDON (ICIS)--An initial European December orthoxylene (OX) contract was agreed at €1,093/tonne ($1,438/tonne) on Wednesday, a reduction of €27/tonne from the previous month, one seller said.
A decrease had been widely expected, as demand from key end-use markets softens ahead of the holiday period.
“It’s that time of year,” said the seller. “Things start to slow down.”
Despite the decrease in euro terms, the number actually represents a $2/tonne increase from November, owing to the weaker US dollar.
The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis. Further confirmation from other players is pending.
($1 = €0.76)
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