China’s Sinopec nominates its PX Sept contract at CNY11,100/tonne

30 August 2013 04:39  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec has nominated its paraxylene (PX) contract price for September at yuan (CNY) 11,100/tonne ($1,814/tonne), CNY150/tonne higher than August’s settlement, a company source said on Friday.

The August contract prices were settled at CNY10,950/tonne, the source added.

The domestic PX supply was tight as several PX units were shut down for regular turnaround such as Sinopec’s Yangzi Petrochemical, PetroChina’s Liaoyang Petrochemical and Urumqi Petrochemical, the source said.

However, buyers showed resistance to the higher nomination and just purchased limited cargoes on need basis, one PX buyer said.  

PX spot prices were at $1,515-1,525/tonne CFR (cost & freight) China Main Port on 29 August, $41-46/tonne higher than early August’s level at $ 1,474-1,479/tonne, according to ICIS data.

Moreover, Sinopec has offered mono ethylene glycol (MEG) contract prices at CNY8,400/tonne for September, flat on August's level, while purified teraphthalic acid (PTA) was nominated at CNY8,200/tonne, up by CNY75/tonne from August's settlement, according to Chemease.

($1 = CNY6.12)

By: Yolanda Chen

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