Asia PX for May sees major settlement at $1,605/tonne

29 April 2011 03:50  [Source: ICIS news]

SINGAPORE (ICIS)--A major settlement for the May paraxylene (PX) Asia Contract Price (ACP) was heard at $1,605/tonne (€1,075/tonne) on Friday.

A Taiwan based end-user was heard to have concluded negotiations with both JX Nippon Oil and Energy and Idemitsu Kosan at $1,605/tonne CFR (cost & freight) Asia.

Japanese end-users were heard to have agreed on the May ACP with JX Nippon Oil and Energy at the above-mentioned price late on Thursday.

A contract price settlement is generally recognised by the market as a major settlement when at least two sellers agree with at least two buyers at the same price level.

Meanwhile, no settlements for the May ACP were heard from ExxonMobil and S-Oil. ExxonMobil had revised its nomination for the May contract price to $1,700/tonne CFR Asia on 28 April, down $20/tonne from an initial proposed price of $1,720/tonne CFR Asia.

Officials from S-Oil said they will be finalising their contract price for May deliveries on 29 April.

($1 = €0.67)

By: Bohan Loh
+65 6780 4359

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