Asian PTA prices gained US$1 a ton CFR China and CFR Southeast Asia marker in the third week of March. Yisheng Petrochemical’s selling price edged up from US$8 a ton while Hengli Petrochemical kept its price unchanged.
Purified terephthalic acid prices inched up on the week alongside higher feedstock paraxylene prices and signs of a slight rebound in downstream. In China, PTA market was under fluctuation and correction that week. At the beginning of the week, PTA was slightly weak but as crude oil values surged unexpectedly midweek, PTA prices at the lower end rebounded slightly.
In Europe, bullish sentiment prevailed on the PTA market due to tight supply after the force majeure in February at BP’s Geel, Belgium plants.
In US, February contract was confirmed while a rollover or decrease is expected for March.
Courtesy: Weekly PriceWatch Report
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