UpdateUS OX May contract rises 2 cents/lb on higher MX

16 May 2013 22:30  [Source: ICIS news]

NEW YORK (ICIS)--The US orthoxylene (OX) contract price rose by 2 cents/lb ($44/tonne, €34/tonne) for May on the back of a stronger US mixed xylenes (MX) contract settlement, sources said on Thursday.

The US OX contract went from 62.5 cents/lb FOB (free on board) in April to 64.5 cents/lb FOB in May.

OX comes out of the refining process with MX and is affected by its price movement, as well as the movement of toluene and benzene that also come out of the gasoline stream.

The US May MX contract was settled at an 11-cent/gal gain from last month on the back of a recent increase in buying interest. This represented the first increase in the MX contract since January.

The MX increase was supported by higher xylene prices in the Asian market.    

OX is primarily used to make phthalic anhydride (PA), a key intermediate in the production of plasticizers, which are used to make products such as flexible polyvinyl chloride (PVC).

Major US OX producers include ExxonMobil Chemical and Flint Hills Resources.

($1 = €0.78)


By: Feliza Mirasol
+1 713 525 2653



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