Asian PTA markers inched up US$2 a ton CFR China and CFR Southeast Asia in the second week of August. Purified terephthalic acid prices rose in Asian market in line with paraxylene cost, giving support to sentiment. Supply dearth continued as Mitsubishi Ningbo 600,000 ton a year PTA plant remained shut and restart was unclear after it was shut unexpectedly in early July. Meanwhile, OPTC plans to permanently shut its old PTA unit in 2017.

In Europe, PTA spot was down following a lower initial settlement of paraxylene August contract price. European PTA net contract price were down Euro 6 a ton on the week.

In US, August PTA could decline as spot paraxylene was below July monthly average while downstream West Coast PET was at five-month lows.

Courtesy: Weekly PriceWatch Report