Isomer-grade mixed xylene rose dramatically following bids by SK Networks for cargoes to be delivered in second-half January. The FOB Korea and CFR Taiwan markers were up $27 and $30, respectively, to $541/mt and $554/mt. During Platts Market on Close assessment process, SK Networks placed two bids for both FOB Korea and CFR China (L/C 30 days), starting at $522/mt and $532/mt before raising them at $1 a minute. By $540/mt FOB Korea, Interchem lifted the bid, after which SK Networks continued to bid on. It was hit again at $544/mt by KP Chemical, and also continued to bid up. The FOB Korea bid ended at $544/mt as the MOC process closed. The CFR Taiwan bid ended at $555/mt, but was not lifted. It is understood that KP Chemical has bought as much as 40,000 mt of isomer-MX from the US, which will arrive in H2 January/H1 February. The company took advantage of the arbitrage window in the US a few weeks ago, when isomer-MX was around $390-410/mt FOB US Gulf. With freight rates estimated at $50/mt, KP Chemical's cargoes should be priced around $440-470/mt upon arrival. Japanese paraxylene producer also imported several cargoes from the US. As for PX, prices rose $10 for both the FOB Korea and CFR Taiwan/China markers, to $667/mt and $682/mt, respectively. The prices are nearing the January ACP nomination of $700 offered by contract sellers ExxonMobil and Idemitsu. A Japanese PX producer said it expected spot prices to continue rising as there are few spot cargoes available in the market, especially for prompt demand. "It is difficult to increase paraxylene production because not all the aromatic products are doing well, so we have to keep making adjustments," the producer said. "Producers will not be increasing their quantities for January," he added. Meanwhile, Taiwan's Capco was said to have settled its outstanding ACPs for September and October, at $1,050/mt and $820/mt. Zhejiang Yisheng, a negotiator with ExxonMobil, also said it has settled the December ACP at $600/mt CFR Asia. Yisheng has no outstanding ACPs. BP is now the only ACP contract buyer with outstanding settlements for September, October and November. With the majority of the buyers concluding their ACPs before year-end, the PX market will have a clearer path moving into the new year.