Japan’s JX Nippon Oil drops October PX ACP by $80/tonne

30 September 2011 05:54  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s JX Nippon Oil & Energy has revised its October paraxylene (PX) Asian Contract Price (ACP) nomination to $1,680/tonne (€1,243/tonne) CFR Asia, customers of the aromatics major said on Friday.

This is down by $80/tonne from its original nomination on 22 September.

Several end-users said these prices are still too high and purified terephthalic acid (PTA) margins are “practically non-existent”.

Counter-bids were heard at $1,500-1,550/tonne CFR (cost & freight) Asia on 28 September and discussions are still underway.

The September PX ACP was fully settled at $1,655/tonne CFR Asia. The October PX ACP will be settled later on 30 September.

($1 = €0.74)

For more on paraxylene, visit ICIS chemical intelligence

By: Loh Bowei

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