NewsFlashExxonMobil hikes Asia March PX $100/t

20 February 2008 12:10  [Source: ICIS news]

SINGAPORE (ICIS news)--Paraxylene (PX) major ExxonMobil has increased its Asian contract price (ACP) for March by $100/tonne from the February settlement, tracking higher spot values and improved demand, its customers said on Wednesday.

  

Sources from the major declined comment but its customers in Taiwan, China and southeast Asia confirmed the nomination of $1,200/tonne CFR (cost and freight) Asia.

 

“It was very much within expectations, as crude oil and naphtha prices had become so high and downstream demand is actually quite strong,” said an official from a Taiwanese purified terephthalic acid (PTA) producer.

 

Earlier this week, fellow PX majors Nippon Oil and Idemitsu Kosan respectively posted their March ACP as $1,190/tonne and $1,200/tonne CFR Asia.

 

Spot PX prices were pegged at $1,130-1,150/tonne CFR Taiwan on Wednesday, up about $15/tonne from last Friday’s closing values.

By: Salmon Aidan Lee
+65 6780 4359

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