22 March 2013 08:39 [Source: ICIS news]
SINGAPORE (ICIS)--Japanese producer Idemitsu Kosan and South Kora’s S-Oil have nominated their April paraxylene (PX) Asian Contract Price (ACP) at $1,600/tonne (€1,232/tonne), down by $200/tonne and $150/tonne respectively from their March nominations, two of their customers confirmed on Friday.
On 21 March, ExxonMobil nominated $1,650/tonne CFR (cost & freight) Asia, for April PX ACP, down by $100/tonne from March nomination.
“Suppliers are nominating April ACP at lower prices compared to March because of the current low prices in the PX spot market,” an end-user said.
There is much uncertainty going forward, especially with a non-major settlement for March ACP, industry sources said.
PX spot prices remain volatile, dragged down by bearish market sentiment caused by prevailing weak downstream demand in the purified terephthalic acid (PTA) sectors, they added.
A market-defined major settlement refers to ACP settlements agreed by at least two major sellers and two major buyers.
($1 = €0.77)
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