India's Reliance Industries, will officially start negotiating and reporting the Asian Contract Price for paraxylene from January 2019. Reliance has entered into PX contracts with most ACP negotiators in Asia since launching trial ACP negotiations in early 2017. Reliance is currently the second largest PX producer globally with a total nameplate capacity of 4.2 million mt/year. Its largest PX unit at Jamnagar, with a capacity of 2.2 million mt/year, started commercial production in January 2017.
There are currently five PX ACP sellers in Asia: Japan's JXTG Nippon Oil & Energy and Idemitsu Kosan, South Korea's S-Oil and SK Global Chemical, and US major ExxonMobil.
The last major settlement for PX ACP was at $1,340/mt CFR Asia in September.
