Asian PTA prices edged down US$10 a ton CFR China and CFR Southeast Asia in the first week of May. In China, offers for bonded goods also softened US$10 a ton on the week. Yisheng Petrochemical’s selling price was cut by US$5 a ton while Hengli Petrochemical’s selling price was lowered by US$10 a ton.
Purified terephthalic acid markets in Asia edged up early in the week and then went down as Asian paraxylene contract price negotiation for May did not reach any conclusion until weekend. In China, on the first trading day after the Tomb-sweeping festival, paraxylene spot values started falling while commodity market fundamentals tended to weaken, thus influencing PTA offers to walk south as well.
In Europe, PTA prices continued to move sideways as downstream PET markets remained bearish due to weak demand.
In US, formula-based March PTA contract remained unsettled due to void paraxylene contract numbers.
Courtesy: Weekly PriceWatch Report
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