BP Zhuhai posts China Dec PTA CNY 200/t down

21 December 2007 10:44  [Source: ICIS news]

SINGAPORE (ICIS news)--Purified terephthalic acid (PTA) producer BP Zhuhai has reduced its December Chinese domestic price yuan (CNY) 200/tonne than the previous month on slack demand, company sources and its customers said  on Friday.

The company’s November price was CNY7,600/tonne delivered, while its December number was CNY7,400/tonne delivered.

BP sources did not give any detailed reasoning for the price drop, but one of its customers said that “it was within expectations, just that many of us were predicting that it would be even lower as spot prices are now very low.”

Spot prices in the Chinese domestic market hovered at CNY6,750-6,800/tonne ex-warehouse this week, a drop of about CNY400-450/tonne from late November mainly due to poor downstream market conditions.

Doris Huang of Commodity Business Intelligence (China) contributed to this article

By: Salmon Aidan Lee
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