03 September 2012 12:04 [Source: ICIS news]
SINGAPORE (ICIS)--BP has failed to reach an agreement with its paraxylene (PX) suppliers on the September Asian Contract Price (ACP) as it deems that at $1,450/tonne (€1,146/tonne), it does not reflect the proper economics in the derivative purified terephthalic acid (PTA) market, a company source said on Monday.
“However, we recognized [$1,450/tonne CFR Asia] is a major settlement agreed by at least two major buyers and sellers, so we will settle the price for our September cargoes,” the source said.
On 31 August, three Asian PX suppliers had settled their September ACP with their respective buyers at $1,450/tonne CFR (cost and freight) Asia, up by $85/tonne from the previous month’s settlement.
BP’s settlements with individual suppliers will be based on the agreed contract clauses, the company source said.
This is the second consecutive month that BP has failed to reach an agreement with its ACP suppliers.
($1 = €0.79)
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