Asian PTA market sentiment was sluggish this week with prices first rising and then declining at the end of the week. However, they were up compared to last week. The last week-end robust demand pushed prices up in first half of the week, but weakened dramatically on low buying interest at downstream sectors and lower than expected China’s economic data.

China imposes anti-dumping measures on terephthalic acid from Thailand, ROK [ 02 Feb, 2010]

China's Ministry of Commerce (MOC) said Tuesday that it would impose temporary anti-dumping measures on terephthalic acid imported from Thailand and the Republic of Korea (ROK).

The preliminary ruling required importers of terephthalic acid from Thailand and the ROK to place deposits starting Wednesday, said a statement on the MOC website.

The statement said companies from those two countries had dumped terephthalic acid on the Chinese market, caused substantial damage to China's domestic industry.

The statement also listed deposit rates for products imported from the ROK at 2.4 percent to 11.2 percent and for products from Thailand 12.2 percent to 20.1 percent.

In another brief statement, the MOC said it would prolong anti-dumping investigation into terephthalic acid from Thailand and the ROK for six months until Aug. 12.

The decision was made because "the situation in this case is quite special and complicated," said the statement without giving further details.

The MOC started an anti-dumping probe into terephthalic acid from Thailand and the ROK on Feb. 12, 2009. The MOC said in a statement last February that the investigation would normally be finished within a year, but might last until Aug. 12, 2010.

Terephthalic acid is an organic compound used in polyester coatings and resins.

Source: Xinhua

China - TongKun Group 800,000 Ton PTA Projected Approved [ 27 Jan, 2010]

Zhejiang Tongkun Group Jiaxing Petrochemical Co., Ltd. announced its 800,000 tons PTA projected was approved by authority. This is a key step for Tongku Group to grow from Polyester chemical-fiber industry to petrochemistry industry.

According to Wang Jianyin, the president of Tongkun Group, the project is going to kickoff 2011, with an investment of 3.04 billion yuan. It will put into production in first half of 2013. This project is constructed in Zapu Chemical Fiber Industry Zone in Jiaxing, Zhejiang Province. Wang said all the products in this project is for its internal usage. It is designed to save cost for the group.

Source: CTEI News