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) ?xml:namespace>
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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