Asian PTA markers edged down US$2 a ton CFR China and CFR Southeast Asia in the fourth week of August. The South Korea/Taiwan marker was also down on the week. In China, offers for nearby-month goods were maintained at US$610-615 a ton that week, and buyers countered offers was at US$605 a ton, with the discussion stalemated. Purified terephthalic acid prices were stable to low in thinly traded week. Most PTA plants in China were shut ahead of G20 Summit in early September, thus deals were low and sporadic.
China's China Prosperity Jiangyin Petrochemical, also known as Hanbang Petrochemical restarted its 2.2 million ton PTA plant leading to ample availability. As a result, PTA futures weakened all the way that week. Coupled with crude oil retreating, the polyester chain also fluctuated in weakness.
In US, August PTA price was unsettled with expectations of lower raw paraxylene cost.
European PTA net contract price rolled over on the week.
Courtesy: Weekly PriceWatch Report
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