Asian PTA prices were up US$9 a ton CFR China and CFR Southeast Asia in the first week of April. Purified terephthalic acid prices inched up recovering from previous two weeks decline on firmer upstream and rise in sentiment during the week.
According to sources, demand in China from the downstream polyester was healthy, with higher sales ratios towards the end of the week in Zhejiang and Jiangsu. However, there were no expectations of any significant upswing in demand for PTA in the near-term, although stable operating rates will continue.
In US, PTA makers were awaiting full settlement pf paraxylene contracts which is expected to settle lower at split.
In Europe, BP lifted FM on its PTA plants in Geel, Belgium from 7 April. Meanwhile, March PTA contract moved sideways as feedstock contract for April was settled at a rollover.
Courtesy: Weekly PriceWatch Report
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