Purified terephthalic acid prices moderated in Asian markets as the spate plants issues subsided slowly and attention was turned towards waning demand for PET and polyester. Market plants expect spot prices to fall further if demand does not pick up over July and August.

Asian markers, the CFR China and CFR Southeast Asia lost US$12 a ton on the week. In China, offers for bonded cargoes were at US$750 a ton while enquiries for arrived or to-arrive-at-port cargoes were at US$720 a ton respectively. Hengli Petrochemical raised its self-lifting offers for bonded cargoes by US$20 a ton on the week.

In Europe, PTA price remained unchanged for the third consecutive week and the market was expected to fluctuate in a narrow range in a short term as the run rates at polyester units were falling. Players were cautious of the further release of short-selling sentiment. Price was unchanged at Euro763 a ton FD NWE.

Courtesy: Daily Textile Prices Service