CPC sells 100,000 tonnes of term PX to Korean traders

12 February 2010 07:12  [Source: ICIS news]

SINGAPORE (ICIS news)--Taiwanese state-refiner CPC has sold 100,000 tonnes of term paraxylene (PX) to South Korean traders on Friday for supply through March-December on a formula basis minus a discount, a company source said.

The material was sold via two tenders for 5,000 tonnes of PX per month each with the first loading starting in March and the last shipment in December, the source said.

Both tenders were first issued in end-January or early-February and were initially due to be awarded on 9 February but were subsequently delayed on lower than expected bids.

The formula on which the material would be priced is a combination of the Asia Contract Price (ACP), which is settled on a monthly basis, and the average spot values of PX during the loading weeks minus a discount of around $0-5/tonne, the source said.

CPC was the only PX Asian producer to have successfully sold material via tenders this week after Japan’s Nippon Oil withdrew a 20,000-tonne sell-tender due to low bids received on 8 February.

Thailand’s PTTAR also withdrew two sell-tenders totalling some 50,000 tonnes of PX on Tuesday for similar reasons.

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By: Bohan Loh
+65 6780 4359

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