Asian PTA marker, the CFR China rose US$1 a ton CFR China and up US$7 a ton CFR Southeast Asia in the last week of June. In China, offers for nearby-month goods were at US$640 a ton, and counter offers were below US$620 a ton.
Purified terephhalic acid prices rose in Asian markets as upstream paraxylene contract price for July settled for the first time since April. Both producers and end-users said that the cost of freight and the current premium in the market implied that CFR India was priced above CFR China. Meanwhile, Reliance Industries restarted its 500,000 ton a year PTA plant at Hazira.
In Europe, PTA prices remained range bound with limited upside potential as sentiment was stable for paraxylene July contract prices.
In US, PTA June price moved up for fourth-straight month while downstream PET contract price is likely to see little change. PTA June price was up US cent 0.83 per pound on the month.
Courtesy: Weekly PriceWatch Report
