Asian PTA markers rose US$5 a ton CFR China in the first week of September. The South Korea/Taiwan marker was also up on the week.
In China, offers for nearby-month goods were at US$610-615 a ton, and negotiations surged similarly to US$605-610 a ton. Yisheng Petrochemical’s offers were stable during the week.
Purified terephthalic acid prices move up slightly in Asian markets on supply tightness and underpinned by upstream elevated paraxylene cost. In China, PTA market fluctuated upward that week as downstream polyester run rate rebounded slowly after the G20 summit ended. Inventories fell gradually which pushed PTA futures to rise that week.
Weakness continued to persist in European PTA fundamentals which limited any upside. The PTA monthly contract price remained flat on the week amid no settlements made for September paraxylene contracts.
In US, PTA September could decline as paraxylene is expected to move lower.
Courtesy: Weekly PriceWatch Report
