Asian aromatics producers raise October PX ACP nominations
22 September 2011 08:28 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>Asia’s aromatics producers have increased their nominations for the Asia Contract Price (ACP) of paraxylene (PX) for October, market sources said on Thursday.
Japan’s JX Nippon Oil & Energy has nominated its October PX ACP at $105/tonne (€77/tonne) higher from the settlement price in September to $1,760/tonne CFR (cost & freight) Asia for October, a company source said.
Japanese producer Idemitsu Kosan has nominated an even higher October PX ACP at $1,780/tonne (CFR Asia), market sources said.
Petrochemical giant ExxonMobil nominated its October PX ACP at $1,800/tonne CFR Asia early on Thursday.
South Korea’s S-Oil is expected to announce its nomination at a later date.
The nominations for the PX ACP are higher because supply is expected to be tight in October as a result of multiple turnarounds in the region, end-users said.
However, the prices are deemed unworkable as the prices in the downstream purified terephthalic acid (PTA) market, which fell early on Thursday, are causing poor margins, the end-users added.
The PTA prices in Asia were assessed at $1,295-1,320/tonne CFR CMP (China Main Port) on 21 September, according to data from ICIS.
The PX ACP for September was settled at $1,655/tonne CFR Asia.
For more on paraxylene, visit ICIS chemical intelligenceBy: Loh Bowei
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