Japan’s Idemitsu Kosan has joined fellow producer JXTG Nippon Oil and Energy in nominating its December paraxylene Asian Contract Price at $980/mt CFR, a source close to the matter said Tuesday.
The company joins South Korea’s S-Oil and SK Global Chemical, which nominated their December ACPs at $950/mt and $960/mt CFR Monday, respectively.
Only ExxonMobil is yet to nominate its December ACP.
Negotiations for the November ACP failed to result in a settlement.
September was the last contract to result in a major settlement, at $820/mt, $10/mt higher than the August settlement.
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.
–Rohan Menon, rohan.menon@spglobal.com
–Edited by James Leech, james.leech@spglobal.com
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