05 September 2013 15:04 [Source: ICIS news]
LONDON (ICIS)--An initial European September orthoxylene (OX) contract settlement has been heard at €1,050/tonne ($1,382/tonne), one seller said on Thursday.
While downstream phthalic anhydride (PA) sentiment is picking up in Europe following the traditional holiday lull in activity, falling OX numbers in Asia amid weak demand played a role in tempering any price upturn this month.
The seller expressed surprise at the minor increase for September, arguing that the European market remains balanced, and firmer pricing indications from the mixed xylenes (MX) sector as well as the US should have supported a larger upward movement.
The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis.
Further confirmation from other players is pending.
($1 = €0.76)
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