Asian PTA markers edged down US$5-7 a ton CFR China and CFR Southeast in the first week of January. CFR India also slipped to US$584 a ton.
In China, sellers were unwilling to sell goods at below US$580 a ton in the second half of the week due to high costs, and buying ideas were maintained at US$550-560 a ton.
Yisheng Petrochemical’s cash-based prices ranged between US$562-579 a ton while Hengli Petrochemical issued self-lifting offers at US$595-610 a ton.
Purified terephthalic acid prices fell in Asian on bearish sentiment and thin trading. In China, PTA market was stalemated that week, with prices down from previous week. Post New Year’s Day holiday, the overall polyester market weakened on sustained plunge on the stock and commodity markets, which was caused by the circuit breaker mechanism.
Polyester producers also started maintenance shutdown as scheduled. As naphtha values fell somewhat, paraxylene prices will also follow down accordingly but in a narrow range. Thus, there will still be a low possibility for PTA market to change significantly in a short term.
Courtesy: Weekly PriceWatch Report
