Negotiations for the benchmark August paraxylene (PX) Asia Contract Price (ACP) have failed to settle for the 11th straight month because of a wide bid-offer gap.
All producers maintained their initial offers until they lapsed without reaching any deals. Japan's Eneos, formerly known as JXTG Nippon Oil & Energy, and Idemitsu Kosan submitted their offers at $650/t cfr. South Korea's SK Global Chemical and S-Oil offered at $640/t cfr and at $670/t cfr respectively. ExxonMobil's offer was at $690/t cfr.
Bids for the August PX ACP were at $450-460/t cfr, while none of the buyers raised their initial bids. There are six ACP-linked buyers comprising China's Yisheng and Shenghong, BP, Taiwan's Capco and OPTC and Japan's Mitsui Chemicals.
