Houston — The US orthoxylene contract price for July has fully settled at 43 cents/lb ($948/mt), sources said Thursday.
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The July contract was up 2.50 cents/lb ($55/mt) from June's contract price, market sources said.
The increase was in accordance with market expectations, though some sources said earlier this month they would expect a rollover of the OX contract from June, given market fundamentals.
The increase in the July OX CP came after a hike seen in the average feedstock mixed xylene pricing. Market participants saw a $36/mt increase, almost 5%, in the average US MX spot pricing over June, according to S&P Global Platts data.
The latest settlement followed a 3.50 cents/lb drop seen in June, followed by three consecutive increases, according to Platts data.
The full settlement was also confirmed by market sources.
Producer confirmation was not available at the time of publication.
-- Charlie Uribe, Charlie.Uribe@spglobal.com
-- Edited by Jennifer Pedrick, email@example.com