PTA price moves down in China amid mute buying interest

Asian PTA marker was down US$3 a ton CFR China in the last week of May. The CFR Southeast Asia was assessed flat from last week, while CFR India was up US$2 a ton on the week.

In China, offers for bonded goods dropped to US$600?605 a ton, with bids on the either sides of US$590 a ton.

Purified terephthalic acid markets were mixed in Asia with weak prices in China while India remained firm and CFR Southeast Asia assessed flat from last week.

In China, although crude futures firmed up, PTA saw limited bullishness as bulk commodity market remained weak and buying interest was mute after replenishment.

In Europe, PTA contract price was range bound on stable feedstock price and market players expect PTA to be largely stable in coming weeks.

In US, paraxylene contract price is the key variable to set the PTA price, which was last set for April. Thus, the formula-based PTA price moved up from April. US PX contract price for PTA moved up US cent 0.34 per pound from April.

Courtesy: Weekly PriceWatch Report