19 May 2005 02:55 [Source: ICIS news]
SINGAPORE (CNI)--Asia's four leading paraxylene (PX) producers have rolled over the May Asian contract price (ACP) of $850/tonne CFR Asia as their June nomination.
ExxonMobil Chemical, Japan Energy, Nippon Petrochemical Co and Idemitsu Petrochemical Co announced their ACP nominations between Monday and today.
Negotiations with end-users are expected to take place during the Asian Petrochemical Industry Conference (APIC) in Yokohama, Japan, later this week. A settlement may emerge as early as Friday.
The ACP nominations for June have failed to lift spot values so far, which languish at $750-760/tonne CFR Taiwan, down about $20/tonne compared to the previous week.
But because downstream purified terephthalic acid (PTA) numbers seemed to have bottomed out late yesterday after recent sharp declines, there are hopes that a price recovery is in the horizon.
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