Idemitsu Kosan seeks $50/tonne increase for July PX

23 June 2009 04:27  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese paraxylene (PX) producer, Idemitsu Kosan, has proposed a $50/tonne (€36/tonne) increase to the July price from June, citing stable demand, a company source said on Tuesday.

The source confirmed that overall stable demand and tight supply in the current market prompted the producer to name its July Asian contract price (ACP) as $1,060/tonne CFR (cost and freight) Asia.

Idemitsu Kosan's customers in Taiwan, Korea and China also confirmed the proposed price hike.

The June ACP was settled among some buyers and sellers at $1,010/tonne CFR Asia.

On Monday, fellow PX majors Nippon Oil and ExxonMobil also proposed hikes to the July ACP.

($1 = €0.72)

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By: Salmon Aidan Lee
+65 6780 4359

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