The July paraxylene Asian Contract Price has concluded in a major settlement at $775/mt CFR, parties privy to the negotiations said late Friday.
ExxonMobil settled with Japan's Mitsui Chemical while South Korea's S-Oil Corp settled with China's Yisheng Group, company and market sources confirmed.
This is the first major settlement since April, when agreement was reached at $835/mt.
There are five paraxyleneACP sellers in Asia -- Japanese companies JXTG Nippon Oil and Energy and Idemitsu Kosan; ExxonMobil; and South Korean companies S-Oil and SK Global Chemical.
Up to now there have been six ACP buyers: BP; Taiwan's Capco and Oriental Petrochemical (Taiwan) Corp; Japanese companies Mitsui Chemicals and Mitsubishi Chemical; and China's Yisheng Petrochemical.
China's Jiangsu Shenghong Chemical Fiber Co joined the ACP negotiations in January as a permanent participant on the buying side, while Mitsubishi Chemical's participation as a permanent member remains uncertain following the sale of the company's PTA plants in India and China this year, market sources have said.
