Japan’s JX Nippon Oil Jan benzene ACP settled $40/tonne higher

31 December 2012 04:21  [Source: ICIS news]

SINGAPORE (ICIS)--Japan's JX Nippon Oil and Energy reached a settlement price late in the previous week for its Asian Contract Price (ACP) for January 2013 at $1,470/tonne (€1,117/tonne), a $40/tonne increment from the previous month, a company source said.

The ACP is on a CFR (cost & freight) Asia basis.

This is an increase of $450/tonne or 44% from July 2012, when the upward push in prices first began.

Besides a higher ACP settlement for January, spot FOB Korea prices hit its record high on 28 December at $1,480-1,495/tonne FOB (free on board) Korea, according to ICIS.

Both firmer ACP and spot prices were supported by the bullish market sentiment on the short spot supply and growing demand from the downstream sectors such as phenol, adipic acid and caprolactam markets, market sources said.

($1 = €0.76)

Author: Sheau Ling Ong

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