Asian PTA prices edged down US$1 a ton CFR China and CFR Southeast Asia in the first week of March. Purified terephthalic acid prices slipped in Asian markets at the end of the week due to falling futures on Zhengzhou Commodity Exchange.
In China, domestic PTA market was corrected in a narrow range but was under recovery based on support from spot prices and the need to replenish inventories by end users beginning of March. Supply will increase with Thai Indorama restarted its plant in March.
Yisheng Petrochemical’s selling price fell US$3 a ton a ton while Hengli Petrochemical self-lifting offers were down US$15 a ton.
In US, February PTA price remained unsettled while January settled at a 17-month high.
European February contract price was assessed stable as paraxylene contract price rolled over. Fundamentals remained extremely firm for PTA as disruption persisted.
Courtesy: Weekly PriceWatch Report