August PA contracts assessed down 2.50 cents/lb
US August contracts for molten and flake grades of phthalic anhydride (PA) were assessed down 2.50 cents/lb ($55/tonne, €39/tonne) in the week ended 2 August.
Sources explained that the decrease was based on a 2.50 cent/lb fall in the July contract price of feedstock orthoxylene (OX), which was settled at 59.50 cents/lb FOB USG.
Demand for PA was in line with seasonal expectations, taking the usual summer slowdown in the plasticiser market into account.
Upstream, participants in the US OX market were waiting for the settlement of the August mixed xylene (MX) contract, which is the primary influence on the monthly OX price.
The August OX contract price was nominated 10.50 cents/lb higher than the July contract price. The OX price is usually settled in the first half of the month to which it applies.
US crude futures finished down, tracking a sell-off on the stock market in response to released data showing a drop in US consumer spending. Investors worried that, despite the agreement in Washington to raise the debt ceiling, the US credit rating could still be downgraded.
| NYMEX | August 2 | July 26 | July 19 | July 12 |
| Crude Oil $/bbl | 93.79 | 99.59 | 97.50 | 97.43 |
| RBOB $/gal | 3.0373 | 3.1526 | 3.1149 | 3.0982 |
($1 = €0.70)
Covering editor: Sam Weatherlake
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