Asian PTA markers rose US$2 a ton CFR China and up US$1 a ton CFR Southeast Asia in the fourth week of June. Purified terephthalic acid prices were slightly up that week as G20 summit caused uncertainty about shutdowns. Upstream paraxylene cost also sobered significantly providing good margins to PTA makers.
In China, offers for nearby-month goods were at US$620 a ton, with counter offers between US$605-610 a ton. The price spread between PTA spots and futures was chaotic since PTA market fluctuated that week in China. Several PTA units unexpectedly shut down that week, while BP Zhuhai postponed the restart of its PTA unit.
In US, June PTA price remained unsettled with expectations that it could see a slight increase given in the firmness in feedstock paraxylene prices.
In Europe, PTA contract price rolled over on the week.
Courtesy: Weekly PriceWatch Report
