JX Nippon Oil eyes Dec PX ACP down $30/tonne; Idemitsu eyes rollover

22 November 2011 08:04  [Source: ICIS news]

SINGAPORE (ICIS)--JX Nippon Oil & Energy has proposed a $30/tonne drop to the paraxylene (PX) Asia Contract Price (ACP) for December, while producer Idemitsu Kosan is eyeing a rollover price from the previous month, customers of the Japanese aromatics makers said on Tuesday.

JX Nippon Oil has nominated a December PX ACP of $1,470/tonne (€1,088/tonne) CFR (cost & freight) Asia, while Idemitsu Kosan has proposed a contract price of $1,500/tonne CFR Asia, according to market sources.

ExxonMobil and South Korea’s S-Oil have yet to propose a contract price for the month by 15:30 hours Singapore time (07:30 hours GMT).

The November PX ACP was fully settled at $1,500/tonne CFR Asia.

Spot PX cargoes for delivery in January was heard to be discussed at around $1,365-1,385/tonne CFR Taiwan and/or CMP (China Main Port) on 22 November during afternoon trade.

The buying interest among end-users is weak because of squeezed margins from the downstream purified terephthalic acid (PTA) sector.

($1 = €0.74)

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By: Bohan Loh
+65 6780 4359

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