Asian PTA markers inched up US$3 a ton CFR China and CFR Southeast Asia in the third week of August. In China, offers for nearby-month goods picked up slightly to US$610-615 a ton, with limited deals within this range.
Purified terephthalic acid markets were almost calm early in the week and saw prices inching up on last two days in line with firmer upstream markets. Demand from India reportedly slowed down.
Supply was ample amid modest demand but may reverse as Tongkun and Hengli will shut their PTA plants for maintenance, but China Prosperity plans to restart its 2.2 mln ton a year PTA unit next week depending on market conditions.
In US, August PTA price remained unsettled with continued expectations of decline. Overall, PTA markets will continue to trend up in the short term on back of crude oil price and sharp increase on PTA futures.
Courtesy: Weekly PriceWatch Report
