Asian PTA prices jumped US$16 a ton CFR China amd CFR Southeast Asia in the third week of May. In China, offers for bonded good were up US$5 a ton. Yisheng Petrochemical raised it’s selling price by US$10 a ton while Hengli Petrochemical’s selling price was flat on the week.

Purified terephthalic acid prices jumped in Asian markets on the week as September PTA futures rose in China while paraxylene cost surged.

Markets were also supported by the expectation of supply shortage arising from Zhejiang Yisheng shut its largest 2.2 million ton a year PTA plant at Ningbo over the weekend for to two weeks of maintenance. BP Zhuhai also plans to shut its PTA plant in June for maintenance.

In US, PTA April and May prices remained unsettled as April paraxylene settlement was unconfirmed.

Courtesy: Weekly PriceWatch Report