NewsFlashIdemitsu hikes March PX ACP $100/t

19 February 2008 09:31  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese paraxylene (PX) major Idemitsu Kosan Co has hiked its March Asian contract price $100/tonne compared with the February settlement to $1,200/tonne, a company source and its customers said on Tuesday.

The major did not cite any reason behind the hike, priced on a CFR (cost and freight) Asia basis, but traders said higher aromatics prices, including spot PX prices, over the past few weeks had created a bullish mood in the market.

“Higher downstream prices, especially in PTA, also helped matters,” said a PX trader based in Singapore. PTA (purified terephthalic acid) is the main derivative of PX.

Nippon Oil on Monday posted its March ACP as $1,190/tonne CFR Asia. A third major, ExxonMobil Corp, is expected to post its very soon.

For more on PX visit ICIS chemical intelligence

By: Salmon Aidan Lee
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