February PX contracts settle in Asia
Market sources reported that two Asian PX producers and two buyers reached a major settlement for the February contract. Accordingly, Japan’s Idemitsu Kosan and ExxonMobil settled their February contracts at $710/ton CFR with China’s Yisheng Petrochemical and BP. The last major settlement for the Asian PX contract had been reached at $780/ton CFR in November.
Previously, Japan’s Idemitsu announced its February PX contract at $750/ton CFR and ExxonMobil nominated its February PX contract to Asia with a decrease of $10/ton from January at $740/ton CFR.
In Asia, spot PX prices are currently reported at around $720/ton FOB Korea, up approximately $30/ton from a week earlier.