27 October 2011 13:01 [Source: ICIS news]
SINGAPORE (ICIS)--Prices of December shipments of paraxylene (PX) in Asia have been lower than for November as traders are expecting the arrival of at least 30,000 tonnes of material from the ?xml:namespace>
November PX shipments were traded at $1,560/tonne CFR (cost and freight)
Traders said ExxonMobil is shipping 18,000 tonnes of material from
ExxonMobil is also understood to be moving 5,000 tonnes of material from Europe, as Artlant was understood to be experiencing difficulties in starting up its new purified terephthalic acid (PTA) unit in Portugal, but this could not be immediately confirmed.
“It is not our practice to discuss commercial or trade arrangements. ExxonMobil operates globally; supply and logistics optimisation is part and parcel of how we do business. We continually evaluate how best to employ our global assets and capabilities,” said a spokesperson from ExxonMobil in an emailed response to ICIS when asked about the cross-Pacific trade.
Officials from BP could not be immediately reached for comment.
The US Gulf (USG) to Asia arbitrage was not technically open on paper, but traders said that demand for PX was weak in the
Prices of PX in the US were last assessed at $1,477–1,521/tonne FOB (free on board) USG in the week ending on 21 October, according to ICIS data. Trans-Pacific freight costs for a 10,000-tonne shipment were around $63/tonne.
With additional reporting by Lester Teo
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