Asian PTA prices were up US$15 a ton CFR China and CFR Southeast Asia in the first week of January. In China, offers for bonded goods were up US$10 a ton and discussions for nearby month cargoes were talked up on the week. Yisheng Petrochemical hiked its self-lifting price by US$10 from previous week while Hengli Petrochemical kept stable.
Purified terephthalic acid prices in Asia jumped this week on higher upstream values and growing demand.
China’s Formosa Chemicals & Fibre Corporation shut its PTA unit on 4 January 2018 which has 1.2m tons per year PTA capacity. It is located in Ningbo, China and was expected to restart on weekend. Reignwood Petrochemical is planning to restart its 1.4m tons per year PTA unit in the coming week.
Courtesy: Weekly PriceWatch Report
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