19 April 2013 23:48 [Source: ICIS news]
NEW YORK (ICIS)--Most US orthoxylene (OX) contracts for April settled at a decline of 7 cents/lb ($154/tonne, €119/tonne), as one major seller and buyer were unable to reach an agreement on the price, sources said on Friday.
The US OX April contract is now at 62.50 cents/lb FOB (free on board), down from 69.50 cents/lb FOB in March.
OX fell on the back of a lower US mixed xylenes (MX) April contract price. April MX fell by 57 cents/gal, settling at $3.83/gal, because demand has been weak while supply has been readily available.
Meanwhile, the US MX spot price range tightened, and demand remained poor during the week that ended on 19 April.
The monthly OX pricing trend is tied in with the MX market, as well as movement in toluene and benzene.
US OX spot prices were notionally down by 3 cents/lb on the back of falling Asian spot prices.
Major US OX producers include ExxonMobil Chemical and Flint Hills Resources.
($1 = €0.77)
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