Corrected: August Taiwan PTA down $5-10/t on oversupply

18 September 2007 15:16  [Source: ICIS news]

Correction: In the ICIS news story headlined "August Taiwan PTA down $5-10/t on oversupply" dated 18 September 2007, please read the headline as "August Taiwan PTA down $5-10/t on oversupply..." instead of "September Taiwan..."

 

SINGAPORE (ICIS news)--Contract prices for August purified terephthalic acid (PTA) in Taiwan have been settled down $5-10/tonne from the previous month, buyers and sellers said on Tuesday.  

 

The fundamental oversupply in the market was cited as the main reason behind the lower settlement of $915-920/tonne DEL (delivered).

 

"Demand had actually been relatively stable, but you know, supply simply outstrips demand," said a source from Tuntex Petrochemical, a producer with a 440,000 tonne/year plant in Tainan on the south of the island.

 

Lower spot averages for August in the key Chinese prices also contributed to the reduction, other players said. The spot average for August in China worked out to slightly above $900/tonne CFR, much lower than the July price average of $930/tonne CFR.

 

The monthly contract price in Taiwan, the second largest PTA market in Asia and also the number two largest production base globally, is settled on a retroactive basis.

By: Salmon Aidan Lee
+65 6780 4359

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