Asian PTA markers fell US$6 a ton CFR China in the second week of September. In line with the slide in China, CFR Southeast Asia and CFR India markers were also assessed down US$6 a ton on the week. In China, offers for nearby-month goods declined during the week. Yisheng Petrochemical’s offers edged down US$3 a ton on the week.
Purified terephthalic acid prices fell in Asian markets on the week amid holidays and lower upstream prices. Post holidays, PTA market in China was in stalemate for lack of forward-month deliveries. Prosperity Jiangyin Petrochemical unexpectedly shut its 600,000 ton a year PTA plant midweek due to technical problem.
European PTA contract price moved sideways on the week while September contract price for feedstock was fully settled.
In US, PTA price for September is expected to decrease as participants anticipate lower feedstock contract while downstream PET demand showed sign of softening.
Courtesy: Weekly PriceWatch Report
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