Asian PTA prices gained US$9 a ton CFR China and CFR Southeast Asia in the first week of June. Purified terephthalic acid prices rose in Asian markets on strong fundamentals, higher demand and support from firming upstream paraxylene prices.

In China, PTA market showed strong performance that week, with average price up from previous week. Spot PTA supply was tight and the spread on offers and discussions between PTA spots and futures narrowed steadily.

In Europe, PTA contract price was assessed down as an initial June contract price for paraxylene was concluded. European contract price for PTA was down Euro20 a ton FD NEW.

In US, PTA June contract remained unsettled as upstream paraxylene pricing declined on the week and competitive situations were created in downstream polyester market.

Courtesy: Weekly PriceWatch Report