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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections