ExxonMobil settles Dec PX ACP at $1,100/tonne

27 December 2007 08:06  [Source: ICIS news]

SINGAPORE (ICIS news)--ExxonMobil settled its Asian contract price for December paraxylene (PX) at $1,100/tonne CFR (cost and freight) Asia, up $20/tonne from the previous month, its customers said on Thursday. 

"The settlement had come later than expected, mainly due to a wide buy-sell gap earlier between end-November and early December, and also due to the [year-end] holidays," said one of ExxonMobil's customers in Taiwan.

As of 07:00 GMT Thursday, other PX majors such as Nippon Oil and Idemitsu Petrochemical have yet to settle their ACP for December.

Their nominations were respectively $1,210/tonne and $1,250/tonne, and both producers had also proposed at similar numbers for January.

“It is very difficult to come to a settlement for December as cost of producing PX and the downstream market conditions are in different directions. But we hope to conclude the negotiation before the end of this year,” said a source from Idemitsu Petrochemical.

($1 = €0.69)

Kew Jia Hui contributed to the article

By: Salmon Aidan Lee
+65 6780 4359

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