ExxonMobil has nominated its September paraxylene Asia Contract Price at $800/mt CFR, down $70/mt from its last nomination for August, sources close to the negotiations said Thursday.
Other nominations have so far been made in a range of $780-810/mt CFR, while South Korea’s SK Global Chemical chose not to nominate its ACP for September due to the current volatility in the market, Platts reported earlier.
There was only a partial settlement made in August as Japan’s Idemitsu and China’s Yisheng settled among themselves at $820/mt CFR.
A major settlement was reached at $925/mt CFR in May, following a major settlement in February at $710/mt CFR.
There are five PX ACP sellers in Asia — Japan’s Idemitsu Kosan and JX Nippon Oil and Energy, ExxonMobil, and South Korea’s S-Oil and SK Global Chemical.
There are six ACP buyers: BP, Taiwan’s Capco and Oriental Petrochemical (Taiwan) Corp., Japan’s Mitsui Chemicals and Mitsubishi Chemical, and China’s Yisheng Petrochemical.
