ExxonMobil has nominated its December paraxylene Asia Contract Price at $860/mt CFR, up $65/mt from the November settlement of $795/mt CFR, sources close to the negotiations said Tuesday.
Last week, other producers nominated at levels between $840/mt and $870/mt CFR.
For a major settlement, two sellers and two buyers have to settle at the same price. A major settlement was reached in November.
The December ACP negotiations are expected to conclude Wednesday.
There are five PX ACP sellers in Asia: Japan’s Idemitsu Kosan and JX Nippon Oil & 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.