23 November 2011 06:33 [Source: ICIS news]
SINGAPORE (ICIS)--ExxonMobil is eyeing a rollover for the December paraxylene (PX) Asian Contract Price (ACP) at $1,500/tonne (€1,110/tonne), according to customers of the aromatics major on Wednesday.
“ExxonMobil nominated a December PX ACP of $1,500/tonne CFR [cost & freight] Asia,” a customer said and a second customer agreed.
The November PX ACP was fully settled at $1,500/tonne CFR Asia.
Rival producers, JX Nippon Oil & Energy and Idemitsu Kosan, had proposed a December PX ACP of $1,470/tonne CFR Asia and $1,500/tonne CFR Asia on 22 November.
South Korea’s S-Oil has yet to make any announcement for its December contract price.
Spot PX shipments for January delivery were heard discussed at around $1,375-1,385/tonne CFR Taiwan and/or CMP (China Main Port). There were limited negotiations for December shipments and the December/January inter-month swap was notionally valued in a $10/tonne backwardation.
($1 = €0.74)
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