NewsFlashAsia PX March ACP settles $70/t up

29 February 2008 11:18  [Source: ICIS news]

SINGAPORE (ICIS news)--The paraxylene (PX) Asian contract price (ACP) for March was settled $70/tonne (€46/tonne) higher from February on recent jumps in spot values and higher prices downstream, buyers and sellers said on Friday.

“There was a settlement at $1,170/tonne CFR [cost and freight] Asia just before we ended the day,” said a buyer in Taiwan, referring to the time of the settlement after 6pm Singapore time.

Traders said the settlement had come within expectations, as spot prices had jumped above $1,210/tonne CFR Taiwan, from $1,115-1,125/tonne about a month ago.

“Recent jumps in crude and naphtha [values] also helped a lot,” said a Singapore-based trader.

He also attributed the higher ACP to increases in derivative purified terephthalic acid (PTA) prices to $930-940/tonne CFR China from about $855/tonne a month ago.

PX buyers in Asia include Mitsui Chemicals and Mitsubishi Chemical, while PX sellers include Nippon Oil, Idemitsu Kosan and ExxonMobil.

($1 = €0.66)

For more on PX and PTA visit ICIS chemical intelligence

ICIS Copyright © Reed Business Information 2009

Author: Salmon Aidan Lee
+65 6780 4359

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