Idemitsu Kosan in price disagreement for Jan PX ACP – customers

29 December 2011 03:34  [Source: ICIS news]

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

The move by the company comes on the heels of a similar move by JX Nippon Oil & Energy after failing to achieve a price conclusion with its customers, sources said.

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 Idemitsu Kosan were not immediately available for comment.

Idemitsu Kosan last re-nominated its January PX ACP at $1,470/tonne (€1,132/tonne) CFR Asia with validity to 29 December.

Only ExxonMobil has settled its January PX ACP with most of its respective customers at $1,445/tonne CFR Asia on 28 December.

No settlements were heard from rival producer S-Oil as of Thursday morning.

($1 = €0.77)

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By: Bohan Loh
+65 6780 4359

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