US OX November contract down by 4 cents/lb from October
14 November 2013 22:44 [Source: ICIS news]
NEW YORK (ICIS)--The US orthoxylene (OX) contract price for November was settled down by 4 cents/lb ($88/tonne, €65/tonne) from October, sources confirmed on Thursday.
The November OX contract fell to 60 cents/lb free on board (FOB) from 64 cents/lb FOB in October.
Market participants attributed the decline to soft price trends in US mixed xylenes (MX).
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.
Demand from the downstream US phthalic anhydride (PA) sector is expected to remain unchanged for the rest of the year, market sources said.
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 = €0.74)By: Feliza Mirasol +1 713 525 2653
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