US orthoxylene contracts were heard settling at 57 cents/lb ($1,256/mt) for April, down 1.5 cents from March, industry sources said Thursday.
There had been expectations in the market that contracts could roll over, with feedstock-mixed xylene pricing remaining fairly steady throughout the first part of the month. Spot MX was assessed Thursday at $3.60/gal FOB USG.
But the MX contract price for April settled down 11 cents to $3.54/gal last week, with sources pointing to weak demand in derivative paraxylene and from the well-supplied Asian region.
US OX demand has been heard low, and sources said there were limited spot opportunities with supply heard sufficient in South America, Asia and Europe.
European contracts settled earlier this month at Eur925/mt ($1,272/mt) FD NWE, down Eur15/mt, while spot prices in Asia were assessed Friday at $1,225/mt FOB Korea and $1,255/mt CFR China.
With a decrease in OX contracts, downstream prices for US phthalic anhydride are expected to decline by 1.5 cents/lb in May. US PA contracts follow changes to the feedstock OX contract with a one-month lag.
US PA prices were stable for April, assessed Thursday at 73 cents/lb delivered for flake and 75.5 cents/lb delivered for molten.
– Platts.com
