April PX ACP fails to settle

Negotiations for the April paraxylene (PX) Asia Contract Price (ACP) have failed to settle because of a wide bid-offer gap amid the current volatile market situation.

Offers from the ACP-linked sellers remained at their initial levels. Japan's JXTG Nippon and Energy, along with South Korea's SK Global Chemical and S-Oil, submitted offers at $680/t cfr, Japan's Idemitsu Kosan made its offer at $630/t with ExxonMobil at $600/t.

Bids for the April PX ACP were at $370-380/t, which stood until negotiations ended.

This marks the seventh straight month that negotiations for the benchmark price have failed.

By Suzi Shin