Asian PTA prices edged down US$2 a ton CFR China and CFR Southeast Asia marker in the third week of April. In China, offers for nearby-month cargoes softened slightly during the week. Yisheng Petrochemical’s selling price was down US$5 a ton while Hengli Petrochemical’s selling price remained unchanged.
Purified terephthalic acid prices in Asian markets dipped slightly amid stable supply while crude and naphtha values weakened continuously that week. In China, offers for bonded goods inched down and discussions were adjusted in weakness. Inventories were reportedly decreasing continuously and market will remain under weak correction in the coming week.
In Europe, April contract price moved sideways as demand for PTA remained healthy amid high production runs in the downstream PET market.
In US, market was still awaiting paraxylene settlement, thus the formula-based March US PTA contract remained unsettled. Overall, it will take some time for PTA market to bottom out and too early to buy large volume.
Courtesy: Weekly PriceWatch Report
