15 June 2006 10:32 [Source: ICIS news]
SINGAPORE (ICIS news)--ExxonMobil and Nippon Oil have nominated their July Asian paraxylene (PX) contract prices up to 14% higher than the June settlement, sources close to the companies said on Thursday.
Nippon Oil’s nomination was $1,150/tonne CFR Asia while ExxonMobil’s was $1,200/tonne. This was higher than the June settlement of $1,050/tonne, but below prevailing spot values of $1,230-1,250/tonne CFR Taiwan.
The sources could not say more about the nominations. Traders said they were higher due to higher feedstock prices, though this was moderated by squeezed margins for purified terephthalic acid (PTA) producers.
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