Asian PTA prices inched up US$10 a ton CFR China and CFR Southeast Asia in the second week of February. In China, mainstream offers mostly picked up US$5 a ton on the week.
Yisheng Petrochemical’s selling price surged US$5 a ton while Hengli Petrochemical raised self-lifting offers by US$5 a ton on the week.
Purified terephthalic acid markets in Asia were mainly in correction that week as paraxylene prices moved up quickly with two units in Japan and South Korea shutting down before holiday due to some reasons.
On cost support and tight supply, spot prices inched as quite a few plants were shut in Asia. India's Reliance Inds shut its 750,000 ton a year Hazira PTA line due to unexpected technical fault.
In Europe, PTA February contract price firmed up, reflecting a higher initial settlement in feedstock paraxylene contract price for February. European PTA February contract price were up Euro30 a ton.
In US, February PTA remained unsettled after January rise.
Courtesy: Weekly PriceWatch Report
