Sinopec, Xiang Lu peg August PTA CNY200/t down

27 August 2007 12:53  [Source: ICIS news]

SINGAPORE (ICIS news)--Chinese purified terephthalic acid (PTA) producers Sinopec and Xiang Lu Petrochemical have finalised their August price for locally-produced PTA at yuan (CNY) 8,500/tonne ($1,124/tonne), company sources said on Monday.

This represented a CNY200/tonne reduction from the July price, which was a uniform CNY8,700/tonne DEL (delivered) among all suppliers.

“Demand had been weak for the whole of this month, and offtake was very slow,” said a source from Xiang Lu.

Two other leading Chinese PTA suppliers, BP Zhuhai and Hualian Sunshine Petrochemical, are expected to finalise their August price tomorrow.

The four producers, which supply more than half of the PTA produced locally, announce a price at the end of each month.

($1 = CNY7.57)

By: Salmon Aidan Lee
+65 6780 4359

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