Japan's Nippon Oil proposes $160/tonne hike for PX May ACP

17 April 2009 10:00  [Source: ICIS news]

SINGAPORE (ICIS news)--Nippon Oil has offered $1,040/tonne (€790.4/tonne) for May paraxylene (PX) cargoes, $160/tonne higher than April's Asian contract price (ACP), a company source said on Friday.

April cargoes were settled at $880/tonne CFR (cost and freight) Asia.

A Taiwanese customer said the rise was expected considering the uptrend in spot prices.

Spot PX prices had risen to $1,110/tonne CFR Taiwan this week due to tight supply and firm demand.

Two other PX majors Idemitsu Kosan and ExxonMobil posted their May nominations earlier this week at $1,030-1,040/tonne CFR Asia.

($1 = €0.76)

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By: Salmon Aidan Lee
+65 6780 4359

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