Asian PTA prices gained US$12 a ton CFR China and CFR Southeast Asia in the first week of January. In China, offers for bonded PTA goods on one-day trip followed up US$10 a ton on the week.
Purified terephthalic acid prices rose in Asian markets as supply was tightening and demand from India had picked up again ahead of maintenance shutdown later this year and also in the recovery period following the demonetization crisis since November.
In China, PTA market was under fluctuation and correction that week and cost support enhanced after paraxylene contracts for January were nominated higher last week. Downstream polyester factories were buying PTA as polyester margins were good and inventory low in China.
European PTA contract for January is set to start 2017 on a firmer note following bullish moves in feedstock paraxylene January contracts.
In US, PTA price for December was up US cents 1.01 per pound on the week.
Courtesy: Weekly PriceWatch Report
