March paraxylene ACP fails to settle

Negotiations for the March paraxylene (PX) Asia Contract Price (ACP) have failed to settle for a third straight month because of a wide bid-offer gap amid a volatile market.

South Korea's SK Global Chemical has lowered its offer to $770/t from its initial offer of $840/t while other sellers kept their offers unchanged from initial prices. Japan's Idemitsu Kosan submitted an offer at $820/t, JXTG Nippon Oil and Energy and S-Oil offered at $840/t, while ExxonMobil proposed its offer at $850/t cfr.

Bids for the March PX ACP were at $620-640/t cfr, which stood until the negotiation ceased.

By Suzi Shin