The May US mixed xylene contract price settled down 4 cents to $3.50/gal ($1,060.50/mt), industry sources said Tuesday.
A lower settlement was anticipated by market participants due to quiet demand in downstream markets and from the Asian region, sources said.
Derivative paraxylene has been weak because of excess supply in markets further downstream, sources said.
Although Asia is typically net short mixed xylene, inventories in that region have been higher this year because of slow demand, therefore the need for imports from the US has been limited, sources said.
Spot prices averaged around $3.56/gal FOB US Gulf Coast during April, according to Platts data.
The US mixed xylene spot price was pegged Tuesday at $3.53/gal FOB USG.
The April mixed xylene contract price settled 11 cents lower from March at $3.54/gal, sources said.
– Platts.com
