Most Nov PX ACPs settle down at $600/tonne

14 November 2008 08:33  [Source: ICIS news]

SINGAPORE (ICIS news)--The November Asian contract price (ACP) for paraxylene (PX) has been settled by most players at $600/tonne but the September and October contracts remained only partially settled, buyers and sellers said on Friday.

"Most buyers and sellers have agreed to the November price of $600/tonne, so you can say we have a major settlement now," said the procurement manager of a major Taiwanese end-user.

Last week, Mitsubishi Chemical and ExxonMobil settled ACP for September, October and November at $1,050/tonne, $820/tonne and $600/tonne respectively on a cost and freight (CFR) Asia basis.

But other players such as BP, Mitsui Chemicals and Nippon Oil have yet to agree on the September and October numbers. The settlements had been delayed due to a wide buy-sell gap in pricing ideas.

"Now, we wait for the September and October ACP to be settled, and then for December and hopefully we can wrap up a very stressful year," said a source from Yisheng Petrochemical, an end-user in China.

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By: Salmon Aidan Lee
+65 6780 4359

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