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.
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)For more on PX visit ICIS chemical intelligence
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|