US orthoxylene contract settles at 2-year high

The US domestic orthoxylene contract settled at a two-year high July 23, according to S&P Global Platts data.

The industry-settled monthly contract price climbed 2 cents/lb from June to settle at 43.50 cents/lb for July, market sources said. According to Platts data, that's the highest level published since June 7, 2019.

The orthoxylene contract has recovered steadily since bottoming out during the early months of the pandemic in 2020. The contract fell from 39.50 cents/lb in March 2020 to 21.50 cents/lb in April, where it stayed until June.

Spot orthoxylene was assessed at 45.50 cents/lb July 23, also the highest level since April 2019. The spot price closely tracks the spot mixed xylene price.

Front-month MX spot prices were assessed at 281 cents/gal, the highest level seen since March 2019, according to Platts data.

Orthoxylene is primarily used to make phthalic anhydride, an intermediate that is used in the manufacture of other resins.