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Asian PTA market defies price drop in upstream market

YarnsandFibers News Bureau 2017-10-13 07:31:45 –

Asian PTA prices were up US$5 a ton CFR China and CFR Southeast Asia in the last week of September which ended on 29th September 2017. In China, offers for bonded goods were up US$5 a ton and discussions for nearby month cargoes were talked in that range. Yisheng Petrochemical raised its self-lifting price by US$5 from previous week while Hengli Petrochemical kept stable offers.

Purified terephthalic acid prices in Asia inched up this week despite weak ethylene and paraxylene cost. PTA market resisted any price drop since fundamental market showed healthy performance and it was still necessary for new goods on warehouse receipts to enter into arbitrage trade with high prices. However, in a short term, PTA market will remain to be a favorable choice for players to build long positions.

China's Hanbang Jiangyin Petrochemical restarted its PTA plant which has a capacity of 2.2 million tons per year.

South Koreas purified terephthalic acid August export volume increased 16.8 per cent month on month.

Courtesy: Weekly PriceWatch Report

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