NewsFlashMay PX ACP heard up $30 at $1,290/t

21 April 2008 09:33 [Source: ICIS news]

SINGAPORE (ICIS news)--The Asian contract price (ACP) for May paraxylene (PX) saw an initial settlement of $1,290/tonne (€812.7/tonne), up $30/tonne from April, buyers and sellers said on Monday.

The settlement was on a CFR (cost and freight) Asia basis, they added.

Japanese producer Nippon Oil was heard to be the first to settle the contract at the above price with buyer Mitsubishi Chemical but officials from both companies could not be reached for comment.

“We are checking this number although it looks a little low from our target,” said another producer involved in contract negotiations with its customers.

Key PX producers – ExxonMobil, Nippon Oil and Idemitsu – had nominated the May ACP in the range of $1,350-1,390/tonne CFR Asia and the proposed $90-120/tonne increase was in line with a recent sharp rise in the upstream crude and naphtha prices.

End-users in the downstream purified terephthalic acid (PTA) sector, however, were opposed to the price hikes as they were unable to pass on the higher costs to their polyester customers.

($1 = €0.63)

For more on PX, PTA visit ICIS chemical intelligence

By: Peh Soo Hwee
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly