Nippon Oil’s Asia PX February contract up $140/t

18 January 2008 09:41  [Source: ICIS news]

SINGAPORE (ICIS news)--Paraxylene (PX) major Nippon Oil has posted its Asian contract price (ACP) for February up $140/tonne from January, a company source and its customers said on Friday.

  

The price at $1,240/tonne CFR (cost and freight) Asia was due to high crude and naphtha futures, which “had prompted many PX producers to seek much higher prices in recent months”, said a Taiwanese customer.

 

The nomination is much higher than the January final price of $1,100/tonne CFR Asia, as well as prevailing spot prices of $1,115-1,120/tonne CFR Taiwan.

 

Two other majors ExxonMobil and Idemitsu Petrochemical are expected to post their February nominations next week.

By: Salmon Aidan Lee
+65 6780 4359

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