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November PX contracts settle in Asia following a long period

by ChemOrbis Editorial Team -
  • 30/10/2015 (15:23)
Market sources reported that two Asian PX sellers and a buyer reached a major settlement for the November contract. Accordingly, Japan’s JX Nippon Oil & Energy, Idemitsu Kosan and China’s Yisheng Petrochemical settled their November PX contracts at $780/ton CFR. The last major settlement had been reached in May at $925/ton CFR.

During the contract negotiations, Japan’s Idemitsu Kosan lowered its November PX contract two times by cumulative decrease of $30/ton from its initial nomination to $790/ton CFR while Japan’s JX Nippon Oil & Energy also revised its November PX contract down $40/ton from its initial nomination to $790/ton CFR. In addition, South Korea’s SK Global Chemical and S-Oil revised their November PX contract down $15/ton and $35/ton, respectively from their initial nominations both to $795/ton CFR.
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