23 August 2011 12:24 [Source: ICIS news]
SINGAPORE (ICIS)--Japan’s JX Nippon Oil & Energy is seeking a $160/tonne (€112/tonne) hike for the September paraxylene (PX) Asia Contract Price (ACP), customers of the aromatics major said on Tuesday.
JX Nippon Oil & Energy has nominated a September PX ACP of $1,700/tonne CFR (cost and freight) Asia. The August PX ACP was fully settled at $1,540/tonne CFR Asia.
Rival producer ExxonMobil also nominated a September PX ACP of $1,700/tonne CFR Asia, on 22 August.
Japan's Idemitsu Kosan and South Korea’s S-Oil are expected to announce their nominations for the benchmark contract price later in the week.
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.
The PX ACP will be settled on 31 August.
($1 = €0.70)
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