NewsFlashExxon settles Oct PX ACP $5/tonne lower

02 October 2007 09:50  [Source: ICIS news]

SINGAPORE (ICIS news)--Paraxylene (PX) major ExxonMobil Corp has settled the October Asian contract price (ACP) $5/tonne lower than September with a Taiwanese end-user, said market sources on Tuesday.

The October settlement, $5/tonne lower at $1,045/tonne CFR (cost and freight) Asia, was $85/tonne lower than ExxonMobil's initial nomination. No confirmation was directly available from the concerned parties.

“The settlement could have taken place last night,” said a source from Berlin, where the negotiations were heard to be taking place. A number of market participants from Asia were attending the European Petrochemical Association conference in the German capital.

The drop in October settlement came on the back of the recent lacklustre trend seen in PX spot values, said another Taiwan-based end-user.

Sluggish demand from the downstream purified terephthalic acid (PTA) segment due to high inventory levels has been a key factor behind slow activities in the PX spot market, the source added.

Last Friday, PX spot prices were stable-to-weak at $1,030-1,040/tonne CFR Taiwan, according to global chemical market intelligence service ICIS pricing.

By: Mahua Chakravarty
+65 6780 4359

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