07 November 2008 04:16 [Source: ICIS news]
SINGAPORE (ICIS news) -- The Asian contract price for September, October and November paraxylene (PX) saw initial settlements of $1,050/tonne, $820/tonne and $600/tonne CFR Asia, buyers and sellers said Friday.
According to a source from Japan’s Mitsubishi Chemical, his company finalised the three months’ prices with energy major ExxonMobil on Thursday.
However, the initial settlements above had yet to gain concurrence from major players, as other major players such as BP, China-American Petrochemical Co, Nippon Oil, Mitsui Chemicals and Idemitsu Petrochemical have yet to agree to these numbers.
“We’re waiting to see how the rest of the market reacts, we’re in no hurry to agree,” said one of the main buyers.
The settlements had come late due to the wide buy-sell gap since September, which led to a lapse in the negotiations. But as the year draws to an end and PX spot price stabilised at $560-580/tonne CFR Taiwan this week, players had restarted negotiations again.
The settlement for August was at $1,370/tonne CFR Asia.
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