Asia PX makers seek $200-280/tonne increase in Asia Contract Price

22 July 2011 08:31  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s major paraxylene (PX) makers are seeking a $200-280/tonne (€140-196/tonne) increase in the Asia Contract Price (ACP) for August, market sources said on Friday.

US-based ExxonMobil and Japan’s Idemitsu Kosan and JX Nippon Oil & Energy have individually nominated their ACPs for August at $1,600/tonne CFR (cost & freight) Asia, $1,650/tonne CFR Asia and $1,680/tonne CFR Asia respectively.

The ACP for July ACP was settled at $1,400/tonne CFR Asia.

“We are looking for a price increase as the demand-supply balance for August is expected to be tight because of the outage at China’s CNOOC-Kings Group and technical glitches at Fujia Dahua,” said an official from JX Nippon Oil & Energy.

The monthly ACP is widely considered to be 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.

The ACP for PX for August will be settled on 29 July.

($1 = €0.70)

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By: Bohan Loh
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