Asian PTA prices fell US$6 a ton CFR China and CFR Southeast Asia in the last week of May. In China, offers for bonded goods declined US$5-10 a ton, and discussions for nearby-month cargoes also inched down on the week.
Purified terephthalic acid prices fell in Asian markets driven by weaker upstream and domestic markets. Upstream paraxylene spot prices were lower over same week in absence of June contract price settlement. After the Dragon Boat holidays, crude oil kept on falling while paraxylene June contract negotiation gained no result. Thus, offers for PTA in China declined in succession and discussions inched down before witnessing adjustment.
In Europe May contract price for PTA remained rangebound amid no May contract price settlement for paraxylene.
In US, PTA prices remained flat as upstream paraxylene prices saw slight drop, but downstream PET prices could see increases in June.
Courtesy: Weekly PriceWatch Report
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