04 October 2013 23:12 [Source: ICIS news]
NEW YORK (ICIS)--The US orthoxylene (OX) contract price for October settled down by 3 cents/lb ($66/tonne, €48/tonne) from September, sources said on Friday.
Market sources attributed the downtrend to recent trends in US mixed xylenes (MX) spot pricing, which declined throughout most of September, as assessed by ICIS.
OX comes out of the refining process with MX and is typically affected by its price movement, as well as the movement of toluene and benzene that also come out of the gasoline stream.
The October OX settlement reverses the increase seen in September and brings the OX contract price back down to the August level of 64 cents/lb free on board (FOB).
OX supply remains consistent, and the market is well supplied.
US OX spot prices were notionally unchanged in the week on the back of soft-to-steady Asia OX spot prices.
OX is primarily used to make 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 = €0.73)
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