09 January 2013 14:10 [Source: ICIS news]
LONDON (ICIS)--The January orthoxylene (OX) contract was confirmed at €1,093/tonne ($1,438/tonne), a rollover from the previous month, numerous sources said on Wednesday.
One seller had initially confirmed a rollover this month with two separate consumers, and this number later received further support from players.
Despite some growing upward pressure from the US and Asia, buyers were adamant that prices should remain steady, as downstream demand was still showing no signs of meaningful recovery yet.
“Negotiations began too late in the month for buyers to pass on any increase downstream to end users,” explained one seller, adding that it expects some upward movement on the February number to compensate for this.
The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.76)
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