ExxonMobil hikes September PX ACP nomination by $160/tonne

22 August 2011 10:11  [Source: ICIS news]

SINGAPORE (ICIS)--ExxonMobil has nominated a higher Asian contract price (ACP) for September paraxylene (PX) at $1,700/tonne (€1,190/tonne), on the back of strong spot prices amid expectations of tighter supply, customers of the petrochemical giant said on Monday.

The September ACP is $160/tonne higher than the August ACP settlement of $1,540/tonnes CFR (cost and freight) Asia.

An impending shutdown of Fujia Dahua’s 700,000 tonne/year PX plant in Dalian, as well as a prolonged outage at CNOOC-Kings Group’s 900,000 tonne/year unit, is stirring concerns that spot availability will be very limited, market sources said.

Spot PX prices were assessed at $1,635-1,645/tonne CFR CMP (China Main Port) on 19 August, according to ICIS data.

($1 = 0.70)

By: Bohan Loh
+65 6780 4359

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