25 September 2013 04:35 [Source: ICIS news]
SINGAPORE (ICIS)--Three major paraxylene (PX) producers in Asia have nominated their Asian Contract Price (ACP) for October at $1,540-1,550/tonne (€1,140-1,147/tonne), industry sources said on Wednesday.
Japan’s Idemitsu Kosan nominated its October ACP at $1,540/tonne CFR (cost & freight) Asia, according to industry sources.
JX Nippon Oil & Energy and S-Oil, on the other hand, both nominated an October ACP of $1,550/tonne CFR Asia, they said.
Major PX producers and buyers failed to reach an agreement for September PX ACP.
Prevailing weak downstream demand in the purified terephthalic acid (PTA) sector, coupled with expected tight supply conditions for PX in October, will likely pose difficulty in October PX ACP negotiations, according to market participants.
On 24 September, PTA prices were at $1,055-1,058/tonne CFR China Main Port, down by $2/tonne at the high end from the previous day, while PX prices increased by $5/tonne to $1,490-1,500/tonne CFR China Main Port, according to ICIS data.
($1 = €0.74)
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