28 February 2013 08:59 [Source: ICIS news]
SINGAPORE (ICIS)--Major Asian paraxylene (PX) producers revised down their March Asia contract price (ACP) nominations on Thursday afternoon, taking into account declining spot prices and firm resistance from buyers citing poor business conditions in downstream markets, market sources said.
Japan’s JX Nippon Oil & Energy lowered its nomination by $55/tonne (€42/tonne) to $1,685/tonne CFR (cost and freight) Asia, while South Korea’s S-Oil revised down its nomination by $50/tonne to $1,700/tonne CFR Asia, their respective customers said.
Japan’s Idemitsu Kosan cut its nomination by $100/tonne to $1,700/tonne CFR Asia earlier on, and ExxonMobil indicated its latest nomination at $1,685/tonne CFR Asia, down by $65/tonne from its previous nomination.
Initial nominations for March ACP were made on 20-22 February.
Japanese end-users pegged their indications at around $1,600/tonne CFR Asia for March ACP, citing uncertainties in purified terephthalic acid (PTA) prices because of lean demand seen in downstream polyester sector after the Lunar New Year holiday.
($1 = €0.76)
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