Asian PTA markers edged down US$1 a ton CFR China in the fourth week of March. Yisheng Petrochemical issued daily cash-based price for PTA which was unchanged on the week while Hengli Petrochemical issued self-lifting offer for bonded cargoes which was flat from the previous week.
Purified terephthalic acid prices opened and closed the week with decline in prices and recording one-day gain on Tuesday on firmer paraxylene cost. In China, domestic spot PTA market was weak and offers generally rolled over and discussions were slightly lower. On week end PTA market was mute.
In US, paraxylene contract price for March is expected to increase, which would drive the PTA price higher. The PTA price is formula-derived, with the US PX contract price representing the base.
In Europe, PTA contract price was stable on the week.
Courtesy: Weekly PriceWatch Report
