Sources said on Tuesday that ExxonMobil proposed a PX Asian contract price of $1,160/ton in February, up $60/ton from January.
Previously, Japan's JXTGJXTG Nippon Oil & Energy proposed a PX Asian contract price of US$1,150/ton at the beginning of February this year, and South Korea's SK Global Chemical proposed a price of US$1,180/ton.
A source from Reliance Industries Ltd said that the company also announced the proposed contract price on Monday, which is CFR $1,140/ton.
The company earlier said that it will officially begin negotiations on Asian contract prices for the PX project in January 2019. In a statement in October 2018, Reliance said that since the start of the Asian contract price trial negotiations in early 2017, the company has signed a PX project contract with most Asian contract price negotiators in Asia.
The PX spot price was last evaluated on Monday, and the CFR Taiwan/China price was $1,058/ton.
Due to upstream price fluctuations and strong profits of PX producers, Asian contract prices have not reached a major agreement for four months. The most recent settlement of the PX Asian contract price was in September last year, and the price was CFD Asia at $1,340/ton.
There are usually five PX contract sellers in Asia: Japan's JXTG Nippon Oil & Energy and Idemitsu Kosan, South Korea's S-Oil and SK Global Chemical, and ExxonMobil.
There are 7 typical PX Asian contract buyers: BP, Taiwan, China and the United States and Petrochemical and Oriental Petrochemical (Taiwan) Co., Ltd., Japan's Mitsui Chemicals and Mitsubishi Chemical, China Zhejiang Yisheng Petrochemical and Jiangsu Shenghong Chemical Fiber.
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