08 May 2013 11:27 [Source: ICIS news]
LONDON (ICIS)--An initial May European orthoxylene (OX) contract was agreed at €1,110/tonne ($1,461/tonne), one producer said on Wednesday, down €18/tonne from the previous month.
The decrease came as a surprise to some players, who felt that various production problems in Europe combined with an upcoming turnaround this month was keeping availability balanced-to-tight.
“Demand is solid,” said one supplier, who added that it had sold a spot parcel late last week at $1,500/tonne. “Everybody is lifting contract volumes.”
Other downstream sources said that there has been an uptick in purchasing in line with seasonal expectations, but this was likely to remain limited owing to the uncertain macroeconomic climate.
The settlement was agreed on a FD (free delivered) NWE (northwest Europe) basis.
($1 = €0.76)
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