Asian PTA markers fell US$4 a ton CFR China in the first week of September while the CFR Southeast Asia marker was down US$9 a ton. In China, offers were down by US$10, with no enquiries for arrived or to-arrive-at-port cargoes for the moment. Hengli Petrochemical issued self-lifting offer for bonded cargoes on one-day trip in Chinese main ports at US$625 a ton.
Demand for purified terephthalic acid waned amid ample supply of both China domestic cargoes and imported spot cargoes. In China and Taiwan, operating rates at several downstream PET and polyester plants were reported to have been reduced to 60-65%. Trade was thin and bearish sentiment prevailed in a holiday shortened week.
In US, August marked the third straight month without a formal final settlement of the paraxylene contract and PTA prices since the May. The lack of settlements was causing downstream producers to use estimates. June PTA price was up US cents 2.67 per pound from May.
In Europe, reports indicate that Artlant PTA plant to restart in the second half of September.
Courtesy: Weekly PriceWatch Report
