Japan’s Mitsui Chemicals has so far made the highest bid in the March paraxylene Asia Contract Price negotiations at $960/mt CFR, a source close to the purified terephthalic acid producer said Wednesday.
Other nominations for the March PX ACP were by China’s Jiangsu Shenghong Chemical Fiber at $935/mt CFR, and by Yisheng Petrochemical at $915/mt CFR, sources close to the companies said.
A Taiwanese producer was bidding at $915/mt CFR, BP at $870/mt CFR and Japan’s Mitsubishi Chemical at $930/mt CFR, sources added.
The first round of sellers’ nominations have so far been made at $1,020-$1,030/mt CFR, with the offers typically expected to dip on the last day of negotiations. The negotiations will conclude Wednesday.
The last major ACP settlement was concluded in February at $970/mt CFR. There are five PX ACP sellers in Asia: Japan’s JXTG Nippon Oil & Energy and Idemitsu Kosan, ExxonMobil, and South Korea’s 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.
–Gustav Holmvik, gustav.holmvik@spglobal.com
–Edited by Geetha Narayanasamy, geetha.narayanasamy@spglobal.com
Related Topics
Japan’s JXTG nominates Mar PX ACP at $1,030/mt CFR, up $60/mt from Feb settlement – Japan’s JXTG nominates Mar PX ACP at $1,030/mt CFR, up $60/mt from Feb settlement – Japan’s JXTG Nippon Oil and Energy nominated its March paraxylene Asia Contract Price at $1,030/mt CFR Asia – Japan JXTG PX ACP CFR
