NewsFlashNippon Oil hikes PX ACP for April
17 March 2008 08:37 [Source: ICIS news]
SINGAPORE (ICIS news)--Japan’s Nippon Oil has hiked its Asian contract price for April paraxylene (PX) by $160/tonne (€102/tonne) to $1,330/tonne CFR (cost and freight) Asia, a company source and its customers said Monday.
The March settlement was $1,170/tonne.
A company source confirmed the nomination, but did not give any reason behind the hike. But one of its customers in
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, said traders.
Earlier today, ExxonMobil also proposed selling its April PX as $1,330/tonne CFR Asia.
($1 = €0.64)
By: Salmon Aidan Lee
+65 6780 4359
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