NewsFlashNippon Oil raises March PX by $90/tonne

18 February 2008 08:07  [Source: ICIS news]

SINGAPORE (ICIS news)--Paraxylene (PX) major Nippon Oil has hiked its Asian contract price (ACP) nomination for March by $90/tonne from the February settlement of $1,100/tonne, a company official and its customers said Monday.

 

The Japanese major did not give a reason behind the price hike done on a CFR (cost and freight) basis but one of its customers in Taiwan said it had “come within expectations given high crude oil prices and firm aromatics values”.

 

Traders said that higher downstream purified terephthalic acid (PTA) numbers at $870/tonne CFR (cost and freight) China, up from about $850/tonne CFR China a month ago, also helped exert upward pressure on PX numbers.

 

Current spot PX values were pegged at $1,125-1,130/tonne CFR Taiwan, overall $5/tonne firmer compared with a week ago.

By: Salmon Aidan Lee
+65 6780 4359

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