29 June 2012 08:35 [Source: ICIS news]
SINGAPORE (ICIS)--Two Asian producers of paraxylene (PX) were said to have reduced their price nominations, in a bid to engage buyers amid a wide buy-sell gap, market sources said on Friday.
Idemitsu Kosan and JX Nippon Oil & Energy reduced their July PX Asian contract price (ACP) nominations to $1,200/tonne (€960/tonne) CFR (cost & freight) Asia and $1,280/tonne CFR Asia respectively, down from the previous $1,300/tonne CFR Asia.
The other two ACP sellers, ExxonMobil and S-Oil, have yet to revise their nominations at $1,300/tonne CFR Asia and $1,330/tonne CFR Asia respectively, said traders.
Contract buyers said their buying indications for July were at $1,050-1,130/tonne CFR Asia.
As the buy-sell gap is still wide, some market players expect that the July ACP may not get settled in time or not at all.
“If buyers and sellers do not come together, then there might be no ACP settlement for July,” said a trader who buys material on contract.
July ACP offers will remain valid until the late afternoon or end of 29 June, depending on the supplier.
PX is used to make purified terephathalic acid (PTA), which is a feedstock for manufacturing polyesters.
($1 = €0.80)
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