Japan’s JXTG Nippon Oil and Energy nominated its March paraxylene Asia Contract Price at $1,030/mt CFR Asia late Thursday, a source close to the matter said Friday.
The nomination is $60/mt higher when compared to a major settlement of $970/mt CFR Asia in February.
There are five PX ACP sellers in Asia: Japanese companies JXTG Nippon Oil and Energy and Idemitsu Kosan, ExxonMobil, and South Korean companies S-Oil and SK Global Chemical.
Typically there have been seven ACP buyers: BP, Taiwan’s Capco and Oriental Petrochemical (Taiwan) Corp., Japanese companies Mitsui Chemicals and Mitsubishi Chemical, and China’s Yisheng Petrochemical and Jiangsu Shenghong Chemical Fiber Co.
–Clement Choo, clement.choo@spglobal.com
–Rohan Menon, rohan.menon@spglobal.com
–Edited by Geetha Narayanasamy, geetha.narayanasamy@spglobal.com
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