Asian PTA markers remained flat in the first week of October. In China, offers for nearby-month goods were flat from pre National Day holiday, and potential discussions were between US$600-605 a ton.
Purified terephthalic acid prices remained flat all days that week amid in thin trade although market participants were bullish on prices in the near term after crude surged and feedstock paraxylene price rose on the week.
In China, PTA futures market was closed during National Day holiday. On resumption, some polyester producers were heard buying PTA but the markets continued to see thin transaction.
In Europe, September PTA contract price was stable, despite supplies tightening over the past weeks.
In US, PTA September contract is likely to rise in line with paraxylene contract price.
Courtesy: Weekly PriceWatch Report
