Asian PTA prices fell in the last week of August on ample supply as the assessment considered bid and offer levels for first-half September loading cargoes. PTA marker, the CFR China was down US$29 a ton on the week. Yisheng Petrochemical’s offers were down US$45 a ton with enquiry absent in the week. Hengli Petrochemical issued self-lifting offers were down US$10 a ton.
In China, Zhejiang Yisheng shut its 2.2 million ton a year production line at Ningbo for 10-15 days following mechanical problems. During the week, operating rates at several downstream PET and polyester plants in China and Taiwan were reported at slightly reduced rates and falling PTA futures pressured both forward and prompt physical spot prices.
In US, there was no final settlement of paraxylene contract since May which causes downstream producers to use estimates. June PTA price was up US cents 2.67 per pound from May.
Courtesy: Weekly PriceWatch Report
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