Asian PTA markers were up US$5 a ton CFR China and Southeast in the third week of February.

In China, offers were between US$560-570 a ton, with buying ideas at US$550 a ton, but there was nearly no substantial deal concluded.

Yisheng Petrochemical’s cash-based price for PTA were at US$566 a ton while Hengli Petrochemical issued self-lifting offers in the range of US$585-595 a ton.

Purified terephthalic acid markets moved up from stability after the holidays in China, with price up from previous week.

After witnessing downward trend during the holiday, crude oil rebounded while run rate at polyester makers picked up.

Under such circumstance, together with an unexpected shutdown for five PTA units, PTA market saw favorable factors. However, paraxylene values did not rise notably and demand for PTA was relatively weak, with buyers and sellers at stalemate.

Earlier in the week, PTA prices inched higher lifted by regional buying coupled with firmer paraxylene values.

In US, January PTA price was set at US cents 39.73 per pound (US$876 a ton) while European contract price dipped Euro 3 a ton on the week.

Courtesy: Weekly PriceWatch Report