UpdateMajor settlement reached for Feb PX ACP at $1,590/tonne

31 January 2012 09:31  [Source: ICIS news]

SINGAPORE (ICIS)--At least three major companies have settled their February paraxylene (PX) Asian Contract Price (ACP) at $1,590/tonne (€1,208/tonne) on Tuesday, company sources and buyers said.

JX Nippon Oil & Energy, ExxonMobil and Idemitsu Kosan have settled their respective contract prices with major end-users at $1,590/tonne CFR (cost and freight) Asia.

Officials from south Korea’s S-Oil could not be immediately reached for comments.

ExxonMobil settled its January PX contract price with major end-users at $1,445/tonne CFR Asia on 28 December.

Other major producers such as JX Nippon Oil & Energy, S-Oil and Idemitsu Kosan declared price disagreements on their respective contract prices, after failing to conclude negotiations with their customers for January.

They will be settling contracts against published spot CFR quotes for the calendar month of January.

The industry at large typically benchmarks and settles contracts off a concluded price between two major PX makers and two major PX end users.

Major PX makers include ExxonMobil, JX Nippon Oil & Energy, Idemitsu Kosan and S-Oil while major PX end-users include Mitsubishi Chemical, Mitsui Chemical, BP, China American Petrochemical Co (CAPCO), Oriental Petrochemical (Taiwan) and Zhejiang Yisheng Petrochemical.

($1 = €0.76)

Please visit the complete ICIS plants and projects database
For more information on PX, visit ICIS chemical intelligence

By: Bohan Loh
+65 6780 4359

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