18 May 2009 08:07 [Source: ICIS news]
SINGAPORE (ICIS news)--Japanese producers Nippon Oil and Idemitsu Kosan have proposed $130-140/tonne (€96.2-103.6) hike in June paraxylene (PX) cargo prices from May, citing tight supply and stable demand, market sources said on Monday.
"The [current] situation is still tight supply, and demand remains okay," said a source from Idemitsu, which nominated an Asian contract price (ACP) of $1,140/tonne CFR Asia.
Nippon Oil’s June price was $1,130/tonne CFR Asia, said a company source.
Two major customers in Taiwan said the proposed hikes from the May settlement of $1,000/tonne CFR Asia were "within expectations" as spot prices remained pegged at around $1,120/tonne CFR Taiwan.
Nippol Oil and Idemitsu are two of the four major PX producers in the region.
Together with a fourth major Japan Energy, which is not part of the monthly Asian contract price system, the producers sell more than 50% of the PX produced in the continent.
($1 = €0.74)
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