PTA price jumps in China as crude oil rebounds

Asian PTA markers regained US$5 a ton CFR China and CFR Southeast Asia in the last week of January.

In China, offers were maintained at US$550-555 a ton, and counter offers were between US$530-540 a ton, with both stalemated.

Yisheng Petrochemical’s cash-based daily prices were up US$8 from previous week while Hengli Petrochemical issued self-lifting offers which were up US$10 a ton on the week.

Purified terephthalic acid markets in Asia continued to fluctuate in a narrow range during week, as crude oil price picked up slightly throughout the week.

In China, PTA futures were relatively stable, driving central prices in domestic market to firm up. Traders were heard to be buying H1 February yuan-denominated spot cargoes as spreads between prompt February and May physical futures were reportedly good.

In Europe, PTA price remained unchanged amid well-supplied market, despite the outage at Artlant’s PTA plant in Sines.

In US, January PTA price remained unsettled during week, as paraxylene contract price was expected to fall.

Courtesy: Weekly PriceWatch Report