Taiwan’s CPC cancels tender to sell Apr-May loading IX - sources

12 April 2012 10:31  [Source: ICIS news]

SINGAPORE (ICIS)--Taiwan’s CPC has cancelled a tender to sell 10,000 tonnes of isomer-grade xylene (IX) for second-half April and first-half May loading because of “low bids”, market sources said on Thursday.

The cargo was meant to be sold on a FOB (free on board) Kaohsiung basis and would have been priced against CFR (cost and freight) Taiwan quotes.

CPC last re-sold IX in early-January as its consumption in the first quarter of the year was lower than expected.

CPC Corp is typically a net buyer of IX, which is used as feedstock at its three Kaohsiung-based paraxylene (PX) and orthoxylene (OX) facilities with a combined nameplate capacity of 660,000 tonnes/year and 170,000 tonnes/year respectively.

Meanwhile, buy-sell indications for May loading IX were at $1,250-1,290/tonne (€950-980/tonne) FOB Korea on Thursday amid ample supply and weak buying appetite for spot shipments from regional end-users.

($1 = €0.76)

By: Bohan Loh
+65 6780 4359

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