Japan' s Nippon Oil seeks $190/tonne hike for March PX

18 February 2009 10:05  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese Paraxylene (PX) major Nippon Oil has sought a $190/tonne (€150/tonne) increase for its March Asian contract price (ACP), a company source and its customers said on Wednesday.

The company has put its nomination price at $910/tonne CFR (cost and freight) Asia, the sources said.

The company source did not give any reason for the hike, but several of its customers said the increase was within expectations.

"The nominations by other [majors] were around the same level, and earlier, spot prices had also risen," said a source with Mitsubishi Chemical, a leading end-user.

Yesterday, Idemitsu Kosan and ExxonMobil posted their March nominations at $910/tonne and $920/tonne CFR respectively.

Negotiations to settle the price had started, and a settlement was expected by the end of the month, said the customers.

The February settlement was $720/tonne CFR Asia.

($1 = €0.79)

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By: Salmon Aidan Lee
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