PTA price softens in Asia, Europe

Asian PTA prices inched up US$4 a ton CFR China and CFR Southeast Asia in the second week of May. In China, offers for bonded goods also softened US$10 a ton on the week. Yisheng Petrochemical’s selling price was cut US$10 a ton while Hengli Petrochemical’s selling price was lowered US$20 a ton on the week.

Purified terephthalic acid markets in Asia fluctuated in a narrow range that week, with price inching up on the week. In China, September PTA futures on the Zhengzhou Commodities Exchange was down in a week when market stabillised from the previous week’s sharp declines. Meanwhile, poor margins for PTA production forced Yisheng Petrochemical to shut its No.2 650,000 ton/year line at Ningbo.

European May contract price for PTA fell, following the lower initial settlement of the paraxylene May contract. European May contract price for PTA fell Euro10 a ton FD NEW on the week.

In US, delayed March PTA settled while a price reduction is likely in April.

Courtesy: Weekly PriceWatch Report