NewsFlashExxonMobil posts higher ACP for Apr PX

17 March 2008 03:06  [Source: ICIS news]

SINGAPORE (ICIS news)--ExxonMobil had proposed its Asian contract price for April paraxylene (PX) at $1,330/tonne (€851/tonne) CFR (cost and freight) Asia, up $160/tonne from the previous month’s settlement, the oil and chemicals major’s customers said on Monday.

Company sources declined comment. But one of its Taiwanese customers said that this was “within expectations given that spot prices had risen sharply” in recent weeks.

PX spot prices were at $1,260-1,265/tonne CFR Taiwan last Friday, much higher than $1,120-1,130/tonne about a month ago. Strong demand from a buoyant downstream market and reduced operations among PX makers helped boost prices, traders said.

Nippon Oil and Idemitsu Kosan are expected to post their April ACP later on Monday.

($1 = €0.64)

By: Salmon Aidan Lee
+65 6780 4359

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