Europe November orthoxylene CP confirmed down €35/tonne
Truong Mellor
08-Nov-2013
LONDON (ICIS)–The European orthoxylene (OX) contract for November has been confirmed at €1,005/tonne ($1,358/tonne), down €35/tonne from the previous month, as the initial settlement received further support from players in the market on Friday.
With pricing in the US still weak amid bearish sentiment, several sources noted that this was the key driver in bringing the European number down this month. A decrease had been widely expected.
One of the sellers involved in the contract settlement said that, while availability in Europe remains on the tight side, the negotiation took a wider view of the global market and the €35/tonne decrease was a compromise.
Buyers had initially been pushing for a larger decrease in line with weak pricing in both the US and Asia. The Asian market has seen a sustained slump in OX pricing due to weak derivative demand and thin trading activity.
The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis.
($1 = €0.74)
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