S-Oil settles 2020 term PX contract
South Korea's S-Oil has settled its first term 2020 paraxylene (PX) contract, which includes an Argus cfr Taiwan/China component, with China's Shenghong Petrochemical.
The pair have agreed on a discount of $2/t against a 50pc Asia Contract Price (ACP), 50pc spot cfr Taiwan/China assessments formula for an undisclosed volume termed as an "ACP portion". The 50pc spot calculation will be on a 35pc Argus, 35pc Icis and 30pc Platts pricing basis.
The two companies also concluded an undisclosed volume of PX at a 50¢/t discount to the same formula termed as a "non-ACP portion".
This marks a switch from previous contracts that were almost exclusively priced against Platts cfr Taiwan/China spot assessments.
Term 2019 ACP portion contracts were mostly settled at a $2/t discount to the 50pc ACP, 50pc Platts cfr Taiwan/China assessments formula, while the non-ACP portion was settled at a 50¢/t discount to the same formula.
By Suzi Shin
source: Argus Media
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