01 February 2011 03:29 [Source: ICIS news]
SINGAPORE (ICIS)--The February Asia Contract Price (ACP) for paraxylene (PX) has settled at $1,620/tonne (€1,183/tonne), up $240/tonne from January, as a result of tight supply, market sources said late on Monday.
Both Mitsubishi Chemical and Mitsui Chemical settled the benchmark contract price with their respective suppliers – ExxonMobil, Idemitsu Kosan and JX Nippon Oil and Energy – on a CFR (cost & freight) Asia basis.
South Korea-based S-Oil said it had also finalised its PX contract price at $1,620/tonne CFR Asia for February shipments with its respective customers.
Most market players attributed the hike in prices to the recent tightness in supply.
“Demand for PX is really good and supply is indeed extremely tight for February,” said a Taiwan-based major producer of purified terephthalic acid (PTA).
The monthly PX ACP is widely considered as a benchmark price on which almost all term-supply contract formulae are based. It is usually settled in the last week of the preceding month.
($1 = €0.73)
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