BP Zhuhai, Hualian peg July PTA at CNY8,700/tonne

30 July 2007 12:19  [Source: ICIS news]

SINGAPORE (ICIS news)--Hualian Sunshine Petrochemical and BP Zhuhai have finalised their July prices for domestic China purified terephthalic acid (PTA) at respective decreases of yuan (CNY)100/tonne ($13/tonne) and CNY400/tonne, company sources said on Monday, citing weak demand.

The July price, at CNY8,700/tonne (DEL) delivered, followed June levels of CNY8,800/tonne for Hualian and CNY9,100/tonne for BP Zhuhai.

“Demand had been poor for this month, and we had relatively high inventories. So we have to decrease our price,” said the Hualian Sunshine source.

Last week, fellow PTA suppliers in China, Sinopec and Xiang Lu Petrochemical, also finalised their July price as CNY8,700/tonne DEL.

Meanwhile, spot prices within the Chinese domestic market were so far unaffected by the final prices for July, remaining stagnant at CNY8,450-8,490/tonne ex-warehouse compared with last Friday’s levels.

($1 = CNY7.56)

By: Salmon Aidan Lee
+65 6780 4359

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