Sinopec posts June PTA contract 2.3% lower

25 June 2007 07:06  [Source: ICIS news]

SINGAPORE (ICIS news)--Purified terephthalic acid (PTA) maker Sinopec has finalised its June contract price down CNY200/tonne ($26.21/tonne), or 2.3%, down from the previous month, a company official said on Monday.

The state-owned petrochemicals major posted its PTA June contract price at yuan (CNY) 8,800/tonne DEL (delivered).

“Prices were lowered as demand had been weak in the past month and PTA producers were basically finding it hard to maintain profits,” the official said.

Last week, BP Zhuhai finalised its June contract price as CNY9,100/tonne delivered, up CNY100/tonne from its May number. A source with the company cited higher feedstock costs as the main reason for the hike in its June number.

Xiang Lu Petrochemical and Hualian Sunshine Petrochemical, two other leading PTA suppliers in the Chinese domestic market, are also expected to post their June price in the next few days.

The four producers supply almost a third of the locally-produced PTA in the Chinese domestic market.

They also name a monthly price for contract volumes.

($1 = CNY7.63)

By: Salmon Aidan Lee
+65 6780 4359

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