SINGAPORE (ICIS)--There was a major settlement for the April paraxylene (PX) Asia Contract Price (ACP) at $835/tonne, market sources said on Friday evening.
The settlement was between producer-end-user pairs Exxon Mobil and China American Petrochemical Co (CAPCO), as well as JX Nippon Oil & Energy-Shenghong Petrochemical. It is $70/tonne lower than the March ACP settlement of $905/tonne.
Producers lowered their last offers to the $835-855/tonne level, while end-users increased their final bids to the $830-835/tonne level before the settlement was reached.
Initial nominations had been at $900-910/tonne CFR Asia by Asian PX majors, while end-users had posted initial bids of $735-810/tonne CFR Asia.
Every ACP from January to April has been settled this year.