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)
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