JX Nippon Oil declares price disagreement for Jan paraxylene ACP

28 December 2011 12:07  [Source: ICIS news]

SINGAPORE (ICIS)--JX Nippon Oil & Energy has declared a price disagreement for its January paraxylene (PX) Asian Contract Price (ACP) and will privately negotiate a settlement method for contracted cargoes, two customers of the Japanese aromatics maker said on Wednesday.

A price disagreement is typically declared by PX makers after its buyers cannot reach a conclusion by a set deadline.

According to market sources, contracted volumes are reduced and prices are likely to be settled off spot CFR (cost and freight) Taiwan quotes. Officials from JX Nippon Oil & Energy were not immediately available for comment.

JX Nippon Oil last re-nominated its January PX ACP at $1,450/tonne (€1,117/tonne) CFR Asia with validity to 20:00 Tokyo local time.

The price disagreement declaration comes on the heel of ExxonMobil’s settlement of its January PX ACP at $1,445/tonne CFR Asia.

No settlements were heard from rival producers Idemitsu Kosan and S-Oil as of 19:30 Singapore local time.

($1 = €0.77)

By: Bohan Loh
+65 6780 4359

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