PTA price gains on rising demand in Asia

Asian PTA markers gained US$10 a ton CFR China and CFR Southeast in the first week of February.

In China, selling ideas for nearby-month goods were at US$550-555 a ton, and counter offers at US$535 a ton or slightly lower. Bonded goods on one-day trip were traded at US$545 a ton.

Yisheng Petrochemical’s cash-based daily prices ranged between US$542-552 a ton, down US$3 from last week while Hengli Petrochemical issued self-lifting offers at US$585 a ton, down US$5.

Purified terephthalic acid prices in Asian markets rose consistently from midweek on bullish sentiment and rising end-user buying interest.

Mitsubishi Chemical plans to run its 600,000 ton a year PTA plant at Ningbo at full capacity in February after restarting it from scheduled maintenance.

In China, PTA markets were on a weak side, and the transaction was less active before the Spring Festival holidays.

In US, PTA January pricing is expected to fall as paraxylene settlement was expected down.

In Europe, PTA price rolled over during the week.

Courtesy: Weekly PriceWatch Report