No settlement reached for Asia May PX ACP despite lower offers

30 April 2013 11:31  [Source: ICIS news]

SINGAPORE (ICIS)--Major paraxylene (PX)  producers and buyers have failed to reach an agreement on Tuesday on the Asian Contract Price (ACP) for May, market sources said.

During the day, a number of PX suppliers have revised down their nominations to around $1,470/tonne (€1,117/tonne) CFR (cost and freight) Asia, but majority of end-users were targeting a rollover of April numbers, they said.

Last week, major PX producers in Asia have nominated their May ACP at $1,520-1,620/tonne CFR Asia, up by $120-220/tonne from April’s settlement price.

Among the PX majors, Japan’s JX Nippon & Oil revised down its nomination to $1,425/tonne CFR Asia, with validity till 18.00 hours Tokyo time (8:00 GMT). After the validity period, the company decided not to settle May PX ACP, according to a source familiar with the matter.

End-users in Taiwan, Japan, and China have also said that they have failed to reach an agreement for PX May ACP with their respective suppliers.

($1 = €0.76)

By: Samuel Wong

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