ExxonMobil nominates Asia PX $130/tonne higher

15 April 2008 09:29  [Source: ICIS news]

SINGAPORE (ICIS news)--Paraxylene (PX) major ExxonMobil has nominated its Asian Contract Price (ACP) for May $130/tonne higher than the previous month’s settlement, said traders on Tuesday. 

 

The hike came on the back of efforts by producers to push up prices citing higher naphtha prices as one of the reasons, said traders.

 

No comments were available from the company.

 

The company announced the nomination at $1,390/tonne CFR (cost and freight) Asia, said a trader and one of the ACP buyers.

 

Exxon’s nomination was $30/tonne higher than Idemitsu’s nomination, which was announced on Monday at $1,360/tonne CFR Asia.

 

“I think it is not easy [to settle] as their target price is too high,” said a Singapore-based trader.

 

Discussions between sellers and buyers could stretch as sentiment among end-users was softened due to the recent decline in derivative purified terephthalic acid (PTA) prices, said a trader.

 

“Considering PTA is going down, we cannot consider above $1,300/tonne CFR,” said a Taiwan-based end-user.

 

In line with this statement, PX spot prices in Asia were at $1,295-1,310/tonne CFR Taiwan, largely stable compared with Monday’s close, according to global chemical market intelligence service ICIS pricing.

By: Mahua Chakravarty
+65 6780 4359

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