NewsFlashIdemitsu settles April PX ACP $90/t up

26 March 2008 08:42  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese paraxylene (PX) producer Idemitsu Kosan has settled the Asian contract price (ACP) for April at $1,260/tonne (€806/tonne), said a company source on Wednesday.

The settlement, which took place on Wednesday afternoon on a CFR (cost and freight) Asia basis, was $90/tonne higher than the March settlement and $70/tonne below the April nomination price.

“We decided to settle somewhere in between [the April nomination and March settlement price],” he said.

The settlement was not in line with the spot market which was discussing and trading at a higher level, he added.

Selling indications hovered close to $1,310/tonne CFR Taiwan/China against buying indications from traders at about $1,300/tonne CFR Taiwan/China.

PX spot prices in Asia were notionally assessed at $1,290-1,310/tonne CFR Taiwan, $10/tonne higher than yesterday’s close, according to global chemical market intelligence service ICIS pricing.

($1 = €0.64)

For more on PX visit ICIS chemical intelligence

By: Mahua Chakravarty
+65 6780 4359

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