Asian PTA markers jumped US$10 a ton CFR China and CFR Southeast in the last week of March. By weekend, mainstream offers were between US$625-630 a ton, with discussions at US$615-620 a ton. Yisheng Petrochemical issued daily cash-based price for PTA unchanged at US$612-635 a ton.
Purified terephthalic acid prices jumped on firm upstream and PTA futures while unexpected shutdown supported the push. China's Hanbang unexpectedly shuts its new 2.2 million ton a year PTA plant.
In China, PTA market moved up with great strength that week as several units are expected to have maintenance in April. Under this influence, domestic prices hiked notably.
In Europe, PTA price was assessed up on bullish April paraxylene contract price expectations. PTA prices rose Euro15 a ton FD NWE on the week.
In US, PTA March pricing remained unsettled while feedstock paraxylene contract was expected to settle higher. Downstream PET demand was improved.
Courtesy: Weekly PriceWatch Report
