ExxonMobil seeks $180/t increase for Feb PX ACP

19 January 2009 11:45  [Source: ICIS news]

SINGAPORE (ICIS news)--Aromatics major ExxonMobil has proposed to hike its Asian contract price (ACP) for February paraxylene (PX) by $180/tonne from the previous month, its customers said on Monday.

ExxonMobil declined to comment on its $810/tonne CFR Asia nomination, but one of its customers said that the proposed increase had come within expectations, “as spot prices are so high now and other producers also asked for an increase”.

On 16 January, fellow PX suppliers Nippon Oil and Idemitsu Kosan posted their respective February nominations as $750/tonne and $780/tonne CFR Asia, up from the January settlement of $630/tonne.

Spot prices have also increased more than $100/tonne over the past month, hitting $800-815/tonne CFR Taiwan last week.

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By: Salmon Aidan Lee
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