Asian PTA markers were up US$17 a ton CFR China in the third week of March. In China, offers were at US$615-620 a ton or slightly higher, and buying ideas were at US$600-605 a ton or slightly lower, with discussions at US$605-610 a ton or slightly higher. Yisheng Petrochemical’s cash-based price surged US$12 a ton during the week.
Purified terephthalic acid prices inched up in Asian markets on the last two days of the week after falling in the preceding two days. The rise was amid firmer paraxylene markets. Increased supply also added to the limit in uptrend as China Prosperity Jiangyin Petrochemical, also known as Hanbang Petrochemical started a new PTA plant, which is expected to ramp up to 100% soon.
In Europe, PTA contract price remained unchanged from last week. Reportedly, South Korea had doubled its PTA supply to the EU in January.
In US, paraxylene contract for March is likely to settle at an increase, indicating higher PTA pricing.
Courtesy: Weekly PriceWatch Report
