ExxonMobil settles July PX with SE Asia buyer at $1,200/tonne

09 July 2012 11:50  [Source: ICIS news]

SINGAPORE (ICIS)--ExxonMobil has settled its July paraxylene (PX) contract price with a southeast Asian end-user at $1,200/tonne (€984/tonne), sources familiar with the matter said on Monday.

“The price of $1,200/tonne CFR [cost and freight] Asia for July was agreed upon,” a source close to the company said.

The buyer is a southeast Asian purified terephthalic acid (PTA) producer, which is not generally considered as an Asian Contract Price (ACP)-linked buyer, sources said.

In an e-mailed statement, ExxonMobil said: “It is not our practice to discuss prices, other than with our customers."

Only Idemitsu Kosan finalised its July PX ACP at $1,160/tonne CFR Asia with its customers in China and Taiwan on 29 June. No settlement was heard from another major PX producer S-Oil.

Japan’s JX Nippon Oil, on the other hand, has declared price a disagreement on its July contract, according to its customers.

Market sources said that JX Nippon Oil will likely settle July contract prices off the spot CFR Taiwan and/or Ningbo quotes. Officials from JX Nippon Oil & Energy were not immediately available for comment.

($1 = €0.82)

By: Yu Guo
+65 6780 4359

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