07 June 2013 23:54 [Source: ICIS news]
NEW YORK (ICIS)--The US orthoxylene (OX) June contract price was settled at 63 cents/lb free on board (FOB) ($1,389/tonne, €1,056/tonne), a 1.5 cent/lb decline from the May contract price, market sources said on Friday.
US OX was driven down by soft prices in the US mixed xylenes (MX) spot market.
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.
There was no firm price direction in the US MX spot market during the week, despite available supply and stronger energy futures.
The June settlement brings OX back down to April levels, nearly cancelling out the 2-cent/lb increase implemented in the May contract price.
The May OX contract increased in line with the higher MX contract price for that month.
OX values have been on the decline throughout most of the first half of the year, in line with overall declining price trends in world markets.
US OX spot prices were notionally down by 1 cent/lb to 60-61 cents/lb FOB on the back of lower Asia OX spot prices in the week. Last week, OX spot prices were at 61-62 cents/lb FOB.
Major US OX producers include ExxonMobil Chemical and Flint Hills Resources.
($1 = €0.76)
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