November PX ACP fails to settle

Negotiations for the November paraxylene (PX) Asia Contract Price (ACP) have fallen apart again, marking the eighth time the benchmark has failed to settle this year.

The revised offers were from SK Global Chemical and JXTG Nippon Oil & Energy at $850/t, down by $30/t and $50/t respectively. All other sellers failed to change their offers from initial prices at $890/t from Idemitsu Kosan, $900/t from S-Oil and $920/t from ExxonMobil.

Bids for the November PX ACP were at $700-720/t cfr.

There were no major settlements for the ACP in October, while the September PX ACP settled at $780/t cfr.