LONDON (ICIS)--An initial Europe orthoxylene (OX) contract for May has been agreed at €925/tonne, a rollover from the previous month, two buyers and one seller said on Tuesday.
Downward pressure is said to be caused by weak Asian prices, and good availability. However this was balanced by strong gasoline prices which have pushed up prices of key feedstock mixed xylenes (MX).?xml:namespace>
The settlement is seen as a compromise with one buyer commenting that: “We expected to have a little bit lower, because Asia is very low. In the meantime the feedstock is quiet strong. [I see it as] fair for both buyers and sellers.”
The contract was agreed on a free delivered (FD) northwest Europe (NWE) basis. Further confirmation from other players is pending.