ExxonMobil proposes $160/tonne hike for Asia May paraxylene

15 April 2009 12:58  [Source: ICIS news]

SINGAPORE (ICIS news)--Paraxylene (PX) major ExxonMobil has proposed selling May volumes at $1,040/tonne CFR (cost and freight) Asia, $160/tonne higher than the April price, its customers said Wednesday.

The Asia April contract price was settled at $880/tonne CFR Asia.

ExxonMobil officials declined to comment. One of its customers in Taiwan said that the nomination had come within expectations given an increase in spot prices recently.

Due to tight supply and firm demand, spot PX prices had risen to as high as $1,050/tonne CFR Taiwan this month, easing to around $1,020/tonne earlier this week.

Another PX major, Idemitsu Kosan, posted its May nomination earlier on Wednesday at $1,030/tonne CFR Asia. A third major, Nippon Oil, was expected to post its number soon.

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By: Salmon Aidan Lee
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