Dec PX contracts start to settle in Asia

Market sources reported that two Asian PX producers reached a major settlement for the December contract. Accordingly, Japan’s JX Nippon Oil and Energy and ExxonMobil settled their December PX contracts at a rollover from November at $795/ton CFR.

JX Nippon had nominated its contract price at $820/ton CFR after a downward revision of $50/ton from its initial announcement. The producer’s contract settlement implies a $25/ton decrease from its revised nomination level, although it is stable from November’s settlement.