Asian PTA markers lost US$2-10 a ton CFR China and CFR Southeast in the second week of May.
Yisheng Petrochemical issued price for PTA down while Hengli Petrochemical issued self-lifting offer at US$625-630 a ton.
Purified terephthalic acid prices softened in Asian markets on weak demand amid ample supply. Reports indicated that the continual fall in the PTA futures in China contributed to lower prices that week.
Additionally, demand was still sluggish with ample supply. In China, spot activity was unfavorable, seeing the restart of China Prosperity (Jiangyin) Petrochemical’s units alleviated the rebounds in oil prices.
In US, May PTA is expected higher as early talk indicated a possible rise from April as expectations comes with the market anticipating higher paraxylene contracts for May.
European PTA contract price was stable with initial settlement at rollover for paraxylene.
Courtesy: Weekly PriceWatch Report
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