Purified terephthalic acid prices in Asian markets slipped in the first week of August amid bearish downstream polyester markets as end-users remained sluggish, expecting the lack of buying interest to pressurize spot prices through August. Hengli Petrochemical made an announcement midweek that it was shutting two of its PTA units in China.

In US, PTA June and July prices remained unsettled which led downstream to use estimates for pricing as paraxylene contracts typically settle retroactively around third to last week of a month. In Europe, PTA price remained unchanged on the week as July paraxylene contract price was not settled.

In the first week of August, Asian PTA prices fell US$7-12 a ton CFR China on the week. Yisheng Petrochemical’s offers for bonded cargoes were at US$645-660 a ton while Hengli Petrochemical issued self-lifting offers for bonded cargoes at US$645-670 a ton. In Europe, PTA price was unchanged from last week.

Courtesy: Weekly PriceWatch Report