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In Europe January OX contract demonstrated a rise of EUR40/tonne

January 16/2012

(ICIS) -- The European January orthoxylene (OX) contract has settled at EUR960/tonne (USD1,215/tonne) - a rise of EUR40/tonne from the previous month, two producers and two consumers confirmed on Monday. The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis. Buyers and sellers said the increase is being attributed to the euro-dollar exchange rate, as well as pricing trends in the US and Asia and current market conditions.

The price went up based on the euro exchange rate and energy costs, a producer said.
A buyer said that in addition to the above reasons, prices had increased because producers want to reclaim some margin. The buyer also said: January demand has been fine, not a very good month, but better than December.

A lack of transparency prevails in the OX spot market. However, prices are firming on export demand, with traders notionally assessing values at USD1,3301,400/tonne FOB (free on board) Rotterdam.

Despite weak domestic consumption because of poor macroeconomic conditions, derivative phthalic anhydride (PA) demand is also firmer than in December because of restocking. Additionally, exporters say overseas buying interest for European material is growing, and exports to the Middle East, Asia and Africa have increased sharply in January.

Author:Marina Ivanova
Category:General News
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