Houston — The US orthoxylene August contract price settled at 44 cents/lb ($970/mt), flat to the July contract price and unchanged for a third straight month, sources said Thursday.
One source had anticipated a possible decrease in orthoxylene contract prices this month. However, continued uncertainty in the paraxylene market "is the reason for the rollover" in the OX contract, the source added.
Spot US PX pricing hit a 2018 high on Wednesday of $1,049/mt, continuing to track the Asian market higher.
The August OX contract should give some indication on the downstream US phtalic anhydride market in August, sources say.
Molten PA prices were assessed unchanged week on week July 26 at 64 cents/lb ($1,411/mt) delivered for July, while flake PA also remained stable at 67 cents/lb ($1,477/mt) delivered for July.
PA prices typically follow movement in the OX contract with a one-month lag, according to market feedback.
