BP sets August PTA up $10 at $950/tonne

01 August 2007 10:36  [Source: ICIS news]

SINGAPORE (ICIS news)--Major purified terephthalic acid (PTA) producer BP has nominated its contract price for August as $950/tonne, about $10/tonne higher than the July settlement, a company source said Wednesday.

“Based on the stable demand and basically unchanged market conditions since July, and the increase in feedstock paraxylene [PX] costs for August, we’ve increased our price,” said the source.

BP, like most other PTA producers, sold its July cargo at an average of $930/tonne CFR (cost and freight) China.

Feedstock PX costs had increased, with the Asian contract price for August PX settled at $1,145/tonne CFR Asia, up $15/tonne from the previous month.

At 17:00pm Beijing time, other PTA producers such as Mitsui Chemicals and Mitsubishi Chemical had yet to name their August price.

Spot prices were soft at $920-930/tonne CFR China on thin trading.

By: Salmon Aidan Lee
+65 6780 4359

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