EU exports of OX rise sharply in April in balanced market

18 July 2013 14:22  [Source: ICIS news]

LONDON (ICIS)--Exports of orthoxylene (OX) from the EU to the rest of the world rose sharply year on year in April, according to data released by Eurostat on Thursday.

Despite exports tripling in April from the previous year, the volumes involved remain fairly small at just over 3,000 tonnes. Similarly, imports into Europe only saw minimal movement in April from the same time last year, an indication that the European OX market remains fundamentally well balanced.

Conversely, imports into Europe were slightly down year on year in May 2013, which is possibly a reflection of the tightness in the market during the same period last year, as players looked to ship material into Europe to cover themselves, although the volumes involved are negligible.

European OX spot numbers moved above $1,700/tonne following a record-high contract settlement for April 2012. This would also explain the limited exports leaving Europe at the time, although the trend appears to be one of more exports in April 2013.

There was widepsread talk of exports in April out of Europe to South America and the US this year, although balanced domestic availability kept actual volumes reasonably limited.

Exports in May 2013 were down from the previous month and also lower than the same period last year, largely owing to limited availability in the market for export purposes.

 Import and export data by Eurostat (units: tonnes)

Period

IMPORT

EXPORT

April 2012

4,044

1,039

April 2013

6,319

3,128




Volume difference in tonnes 

2,275

2,089

% change year on year

56.24%

201%

Import and export data by Eurostat (units: tonnes)

Period

IMPORT

EXPORT

May 2012

5,000

1,857

May 2013

4,582

949




Volume difference in tonnes 

418

908

% change year on year

-8.35%

-49%


By: Truong Mellor
+44 208 652 3214



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