Idemitsu raises February PX ACP by $130/tonne

21 January 2008 07:09  [Source: ICIS news]

SINGAPORE (ICIS news)--Idemitsu Kosan has posted its Asian contract price for February paraxylene (PX) at $1,230/tonne CFR (cost and freight) Asia, up $130/tonne from January’s settlement, customers of the Japanese major said Monday.

Idemitsu sources could not be immediately reached to confirm the nomination, but one of its Japanese customers said, "they announced it to us this morning", while a major end-user with plants in various parts of Asia said it also received a similar announcement.

The hike proposed by Idemitsu came on the back of higher nominations by fellow PX majors Nippon Oil and ExxonMobil which proposed their February ACP at $1,240/tonne and $1,180/tonne respectively on Friday.

The trio announce a monthly ACP and negotiate with leading end-users such as Mitsui Chemicals, Mitsubishi Chemical and China American Petrochemical Co for a settlement usually by the end of the preceding month.

By: Salmon Aidan Lee
+65 6780 4359

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