22 June 2005 05:31 [Source: ICIS news]
SINGAPORE (CNI)--Persistent rains last week have delayed the shipments of some Taiwanese exports of purified terephthalic acid (PTA), CNI learnt on Wednesday. The delays have contributed to the price increase of spot PTA prices this week.
Some PTA shipments were said to have been delayed by up to three days, with the companies affected including China-American Petrochemical Co (Capco). Shipments only resumed on Monday, after the rains stopped.
Sources close to the companies affected were unable to say how much volumes were affected, but one of them estimated the total volumes to be no more than 10,000 tonne. Officials from Capco, and other Taiwanese PTA makers such as Tuntex Petrochemical and Formosa Chemical and Fibre Corp (FCFC), declined to give details on the delays.
Although the delays were not deemed serious, PTA traders have talked up spot numbers in the key Chinese market. Prices have risen to $760-770/tonne CFR China, up from last week’s $740-750/tonne CFR China.
Improved demand from the downstream polyester sector and higher feedstock costs have also boosted PTA prices.
Other producers in Taiwan told CNI that the rains did not cause any delays to their exports. The rainy season in Taiwan typically runs from end May to mid or end June.
One of the producers said southern Taiwan was more affected by the rains than northern Taiwan. "There are rains in northern Taiwan too but there were no floods," he said.
Capco is based in Kaohsiung and Tuntex is in Tainan, both of which are in southern Taiwan.
A Formosa Plastics Co spokesman said that as the ?xml:namespace>
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