Major settlement for April PX ACP reached at $1,585/tonne

02 April 2012 04:18  [Source: ICIS news]

SINGAPORE (ICIS)--A major settlement for the April paraxylene (PX) Asian Contract Price (ACP) was reached late on 30 March between market players at $1,585/tonne (€1,189/tonne), sources said on Monday.

JX Nippon Oil & Energy settled its contract price with one Japan-based and two Taiwan-based end-users at $1,585/tonne CFR (cost and freight) Asia, according to market sources.

Idemitsu Kosan settled its contract price with two Taiwan-based end-users at $1,585/tonne CFR Asia, according to a company source.

A company source from South Korea’s S-Oil said the company has also settled its contract price for the month with at least three end-users at $1,585/tonne CFR Asia.

No settlements were heard from ExxonMobil as of 10.30 hours Singapore time (02:30 GMT) on Monday.

The March PX ACP was fully settled at $1,650/tonne CFR Asia.

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 = €0.75)

By: Bohan Loh
+65 6780 4359

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