Nippon Oil hikes September PX ACP by $30/tonne

16 August 2007 12:41  [Source: ICIS news]

SINGAPORE (ICIS news)--Nippon Oil has nominated its Asian contract price (ACP) for September paraxylene (PX) at $1,175/tonne, up $30/tonne from the August price, a company source and its customers said on Thursday.

The Japanese major did not give any reason behind the hike from the August settlement of $1,145/tonne CFR (cost and freight) Asia.

However, its customers expected it as “downstream conditions for purified terephthalic acid conditions had been stable to firm over the past week”, one of its Taiwanese customers said.

ExxonMobil, Idemitsu Petrochemical and Japan Energy are expected to post their respective contract prices for September soon, following in the footsteps of Nippon Oil. Together, the four majors supply almost half of Asia’s PX.

Spot PX was stable in Asian trading, with discussion levels pegged around $1,100/tonne CFR Taiwan.

By: Salmon Aidan Lee
+65 6780 4359

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