Nippon Oil, Idemitsu in Asia Jun PX nomination hike

18 May 2006 13:57  [Source: ICIS news]

SINGAPORE (ICIS news)--Nippon Oil and Idemitsu Petrochemical, two of Asia’s leading paraxylene (PX) producers, have nominated their June Asian contract price at $1,090/tonne and $1,100/tonne CFR Asia, respectively, company officials said.

Earlier in the week, ExxonMobil and Japan Energy, two other major PX makers in Asia, posted contract prices at $1,120/tonne and $1,090/tonne CFR Asia.

The nominations were generally in line with prevailing spot values at $1,080-1,120/tonne CFR Taiwan, for June loading cargoes. PX prices had climbed higher in recent weeks, on the back of spikes in crude futures and rising feedstock isomer xylene prices.

Compared to the May settlement of $1,020/tonne CFR Asia, the nominations represented a steep increase of $70-100/tonne but were largely indicative of the mood in the spot market.

The four PX majors were expected to start negotiations next week with leading end-users to settle the June contract price.

By: Salmon Aidan Lee
+65 6780 4359

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