LONDON (ICIS)--An initial Europe orthoxylene (OX) contract for March has been agreed at €940/tonne, a decrease of €25/tonne from the previous month, one buyer and one seller said on Wednesday.
The downward movement might come as a surprise to many in the market who expected stable-to-firm pricing, based on a likely seasonal increase in demand.
However, weaker Asian pricing and limited pricing power on downstream phthalic anhydride (PA) were cited as the reason for the downturn.
The contract was agreed on a free delivered (FD) northwest Europe (NWE) basis.
Further confirmation from other players is pending.