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.
