BP Zhuhai sets May PTA at CNY9,000/tonne

29 May 2007 03:42  [Source: ICIS news]

SINGAPORE (ICIS news)--BP Zhuhai raised its May purified terephthalic acid (PTA) price by yuan (CNY) 250/tonne ($32.7/tonne) delivered (DEL) to CNY9,000/tonne on par with the other Chinese producers, a company source said late on Monday.

 

“The announcement was made today to our customers, and the price increase is a reflection of higher [feedstock] cost and strong demand over the past month,” the source said in Mandarin.

 

Last week, Sinopec, Xiang Lu Petrochemical and Hualian Sunshine Petrochemical also finalised their May price at CNY9,000/tonne DEL.

 

The May settlements were within expectations as spot values had been on an uptrend since end-March, climbing to CNY8,800/tonne ex-warehouse on Monday.

 

BP Zhuhai, together with Sinopec, Xiang Lu Petrochemical and Hualian Sunshine Petrochemical dominate well over 50% of the domestic PTA market in China.

 

BP Zhuhai has a 480,000 tonne/year plant in Zhuhai, Guangdong province, and is building another 1m tonne/year plant at the same site to start up in November. The company is majority owned by PTA major BP and the Fu Hua Group has a 15% stake.

 

($1=CNY7.65)

By: Salmon Aidan Lee
+65 6780 4359

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