Asian PTA prices were up US$11 a ton CFR China and CFR Southeast Asia marker in the last week of January. The CFR India marker was also up US$11 a ton, based on tradable indications heard.
Purified terephthalic acid spot market activity in Asia was limited, with Chinese players mostly out for the Lunar New Year holiday, but price gains may continue into February. Meanwhile, prices rose on surging feedstock costs in India while Southeast marker tracked the Indian market up.
In US, PTA January was expected to rise based on expectations of higher pricing for the feedstock paraxylene contract.
In Europe, PTA found support in downstream PET market as January contract price was assessed stable since feedstock paraxylene January contract price was already factored in the previous weeks.
Courtesy: Weekly PriceWatch Report
