Asian PTA prices were up US$8-9 a ton CFR China and CFR Southeast Asia marker in the first week of December. In China, offers for nearby-month goods were kept steady during the week.
Yisheng Petrochemical raised its selling price by US$5 a ton while Hengli Petrochemical also hiked US$5 a ton during the week.
Purified terephthalic acid prices rose in Asian markets on bullish futures and rising feedstock paraxylene cost. In China, domestic PTA market moved up followed by correction that week.
As PTA futures walked north in a large range early that week, spot values also followed up. Thus, the spread on offers between spots and Futures edged down. As the positions of major contracts did not reduce significantly but there was support from the costs and the demand.
In Europe, PTA contract price was stable on the week awaiting the full paraxylene settlement.
In US, November PTA rose following higher feedstock contract. US PTA price for November was up US cent 0.34 per pound on the week.
Courtesy: Weekly PriceWatch Report
