US OX August contract rises 3 cent/lb on higher MX, Asia pricing

09 August 2013 21:04  [Source: ICIS news]

NEW YORK (ICIS)--The US orthoxylene (OX) August contract price rose 3 cents/lb from the July contract price, a market source said on Friday.

The increase brought the contract to 64 cents/lb ($1,411/tonne, €1,058/tonne) FOB (free on board).

US OX was driven in part by a higher August contract price settlement for US mixed xylenes (MX), but a stronger driving force were higher prices in Asia in the last few weeks, which presented lucrative market for US exports, the source said.

The August increase reverses the 2 cent/lb decline in the July OX contract price from June levels.

The US OX spot price range notionally narrowed to 65-66 cents/lb from 65-67 cents/lb last week on the back of subdued Asian OX spot prices.

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 = €0.75)

By: Feliza Mirasol
+1 713 525 2653

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