Japan’s JX Nippon, Idemitsu eye $120-160 hike for January PX ACP

21 December 2011 08:42  [Source: ICIS news]

SINGAPORE (ICIS)--JX Nippon Oil & Energy and Idemitsu Kosan are seeking a $120-160/tonne (€91-122/tonne) hike for the benchmark January paraxylene (PX) Asian Contract Price (ACP), customers of the Japanese aromatics makers said on Wednesday.

JX Nippon Oil nominated a January PX ACP of $1,510/tonne CFR (cost & freight) Asia, while Idemitsu Kosan proposed a contract price of $1,550/tonne CFR Asia, with validity to 28 December, according to their customers.

The December PX ACP was settled at $1,390/tonne CFR Asia, ICIS data showed.

The hikes were attributed to tighter January and February supplies ahead of new purified terephthalic acid (PTA) start-ups in China.

ExxonMobil and S-Oil had yet to nominate their respective contract prices as of 16:00 hours Singapore time.

($1 = €0.76)

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By: Bohan Loh
+65 6780 4359

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