US spot PX moves higher on ACP nomination
19 May 2008 23:10 [Source: ICIS news]
HOUSTON (ICIS news)--US spot bid levels for June paraxylene (PX) moved higher by $100 to $1,350/tonne following large June Asia contract price (ACP) increase nominations and rocketing energy, traders and sellers said on Monday.
Japanese PX major Idemitsu Kosan said it would begin negotiations this week on a proposed 15% increase in its June ACP.
The plus $190/tonne nomination “intuitively makes sense,” a North American producer said, adding that base spot bids had to be at least $1,350/tonne to truly reflect the cost impact of record-setting crude oil.
Since the beginning of 2008, crude values have swelled over 27% while PX contracts have gained less than 16%, according to data from global chemical market intelligence service ICIS pricing.
US PX contracts were still being negotiated for May. April contracts were at 62.75 cents/lb ($1,383/tonne).
North American PX producers include ExxonMobil, Chevron Phillips Chemical and Flint Hills Resources.
($1 = €0.64)
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By: Landon Feller
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