Asian PTA markers were up US$11 a ton CFR China and CFR Southeast in the first week of March.
In China, PTA values did not rise too much due to poor demand, but a deal was done at a high level of US$585 a ton. Offers were pushed gradually to above US$585-590 a ton, and discussions surged US$10 a ton.
Yisheng Petrochemical’s cash-based price were at US$570-590 a ton while Hengli Petrochemical issued self-lifting offers in the range of US$595-605 a ton.
Purified terephthalic acid prices rose in Asian markets on traders short covering but fell marginally day on day weekend, but most market participants considered the decline as negligible.
In China, the actively traded May 2016 PTA futures on the Zhengzhou Commodity Exchange increased on the day. Demand was weak amid ample spot supply. Most PET resin and polyester fiber plants in China and Taiwan were operating at reduced rates.
In US, PTA February contract price settled on the month. Reports indicated that pricing was near the as paraxylene contract price remained unsettled. February contract price for PTA was down US cent 0.83 per pound from January.
Courtesy: Weekly PriceWatch Report
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