Japan PTA producers raise August nominations

02 August 2007 05:10  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese purified terephthalic acid (PTA) producers Mitsui Chemicals and Mitsubishi Chemical raised their August contract nominations by $10-30/tonne to $950/tonne CFR (cost and freight) China from July’s settlements, company officials said on Thursday.

The nominations were on par with that by market leader BP, which posted its nomination earlier this week.

"The costs of production had increased, so we also increased the price of our PTA," said the Mitsubishi Chemical official, referring to a $15/tonne hike in paraxylene (PX) contract prices between July and August.

The August contract nominations have had little impact on spot values so far. Prices softened to $920/tonne CFR China on Tuesday, down by around $10/tonne CFR a day earlier.

By: Salmon Aidan Lee
+65 6780 4359

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