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.
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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
