December PX ACP fails to settle

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

The revised offer was at $850/t from JXTG Nippon Oil & Energy, down by $50/t from the initial offer at $900/t cfr. All other sellers failed to change their offers from initial prices at $880/t from SK Global Chemical and S-Oil and $920/t from Idemitsu Kosan and ExxonMobil. Bids for the December PX ACP were at $700-730/t cfr.

There were no major settlements for the ACP in October and November, after the September PX ACP settled at $780/t cfr. There were major settlements in February and March at $1,050/t cfr and $1,080/t cfr respectively.