January paraxylene ACP fails to settle

Negotiations for the January paraxylene (PX) Asia Contract Price (ACP) have fallen apart because of a wide bid-offer gap.

Japan's JXTG Nippon Oil & Energy placed its offer at $930/t cfr, while all other sellers offered at $920/t cfr. All the sellers declined to change their offers from initial levels.

Bids for the January PX ACP were at $720-770/t cfr.

The ACP-linked sellers are JXTG Nippon Oil & Energy, Idemitsu Kosan, SK Global Chemical, S-Oil and ExxonMobil. There are six buyers - OPTC, Capco, Yisheng Petrochemicals, Shenghong Petrochemicals, Mitsui Chemicals and BP.

Negotiations for the January benchmark ACP were brought forward to 27 December because of the year-end holidays.

By Suzi Shin