30 July 2009 12:59 [Source: ICIS news]
SINGAPORE (ICIS news)--The Asian contract price (ACP) for August paraxylene (PX) has settled up $80/tonne, buyers and sellers said on Thursday.
Sources from two Japanese suppliers, Nippon Oil and Idemitsu Kosan, confirmed that there had been “a partial settlement” at $1,040/tonne CFR (cargo and freight) ?xml:namespace>
“The other producer’s nomination was [$1,040/tonne CFR Asia], so naturally the settlement would be acceptable to them,” said a source from the Taiwanese end-user, referring to Idemitsu.
Meanwhile, the rest of the market had yet to react the latest settlement. For July, the ACP was settled at $960/tonne CFR Asia, but some suppliers had refused to accept the number and had instead reduced contract volumes.
Other buyers and sellers negotiating the monthly ACP include PX major ExxonMobil, and leading purified terephthalic acid (PTA) makers BP, China-American Petrochemical Co and Mitsui Chemicals.
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