Asian PTA markers gained US$3 a ton CFR China and CFR Southeast in the third week of May.
In China, bonded goods were pegged in the range of US$600-603 a ton as buyers showed low interest at above US$610 a ton. There was a spread of US$10-15 a ton between enquiries and offers for nearby-month goods.
Purified terephthalic acid prices were stable to higher in Asian markets amid firmer paraxylene cost while demand remained sluggish demand with ample supply.
China's Shishi Jialong Petrochemical Fiber plans to restart its 600,000 ton a year PTA plant and India’s Reliance expects quick restart of Dahej PTA line.
Transactions were mainly focused on bonded goods on one-day trip that week, and polyester producers purchased adequate volumes but showed low interest for highly priced goods.
In US, PTA May contract prices were talked higher but remained unsettled as the market waited for the paraxylene contract price conclusion.
In Europe, net contract price for PTA was assessed stable on the week.
Courtesy: Weekly PriceWatch Report
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