ExxonMobil settles Mar PX ACP at $1,650/tonne – market sources

01 March 2012 04:11  [Source: ICIS news]

SINGAPORE (ICIS)--ExxonMobil agreed its March paraxylene (PX) Asian Contract Price (ACP) with its customers at $1,650/tonne (€1,238/tonne) late on Wednesday, according to market sources.

This makes the March PX ACP fully settled at $1,650/tonne CFR (cost and freight) Asia, as JX Nippon Oil & Energy, Idemitsu Kosan and S-Oil had earlier agreed the benchmark contract price with its respective customers at the same level.

The PX ACP is a monthly negotiated price between 4 major sellers; JX Nippon Oil, Idemitsu Kosan, S-Oil and ExxonMobil, and 6 major buyers; Mitsubishi Chemical, Mitsui Chemical, BP, China American Petrochemical Co (CAPCO), Oriental Petrochemical (Taiwan) and Zhejiang Yisheng Petrochemical.

Almost all term contracts in Asia are settled against the benchmark price.

The February PX ACP was fully settled at $1,590/tonne CFR Asia.

By: Bohan Loh
+65 6780 4359

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