Initial November Europe OX contract settles €35/tonne lower

07 November 2013 11:47  [Source: ICIS news]

LONDON (ICIS)--An initial European November orthoxylene (OX) contract has settled at €1,005/tonne ($1,358/tonne), one seller said on Thursday, down €35/tonne from the previous month.

The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis. Further confirmation from other players is pending.

According to the seller, a sharp drop in US pricing over the course of October because of weaker feedstock values was the key factor in the European decrease.

“Availability in NWE is tight, but we looked at the global picture and reached a compromise,” the seller explained.

A decrease had been expected for November because of lower global OX pricing, with the Asian market also bearish amid weak downstream conditions and thin trading activity.

($1 = €0.74)

By: Truong Mellor
+44 208 652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly