PTA price slips in tandem with crude and paraxylene values

YarnsandFibers News Bureau 2016-07-22 02:57:31 –

Asian PTA markers, fell US$6 a ton CFR China and down US$5 a ton CFR Southeast Asia in the first week of July. In China, offers for nearby-month goods weakened, and counter offers were stalemated. Yisheng Petrochemical dropped offer by US$5 a ton while Hengli Petrochemical issued self-lifting offer for bonded cargoes at Chinese main ports were also down US$5 a ton.

Purified terephthalic acid prices slipped in Asian markets in tandem with crude and paraxylene values. During the week, India imposed antidumping duty of US$83.08-168.76 a ton on PTA imported from China, Iran, Indonesia, Malaysia, and Taiwan for five years.

In Europe, PTA contract price remained range bound over the week, assessed unchanged with sentiment stable for paraxylene July contract prices. PTA prices had limited scope to move.

In US, PTA July prices could move up as upstream spot paraxylene was firmer week on week and downstream PET demand remained strong.

Courtesy: Weekly PriceWatch Report

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