China PTA makers finalise Jan CNY200/t higher

23 January 2008 08:58  [Source: ICIS news]

SINGAPORE (ICIS news)--Chinese purified terephthalic acid (PTA) producers Xiang Lu Petrochemical, Yisheng Petrochemical and BP Zhuhai have finalised their domestic January price at yuan (CNY) 7,600/tonne, up CNY200/tonne from December, company officials said on Wednesday.

The price, done on a DEL (delivered) basis, reflected good demand and production cutbacks.

“Demand had been relatively firm and after several production cutbacks by PTA makers over the past few months, we see a slight improvement in business in January,” a Xiang Lu official said.

The three producers’ tentative price for January was also CNY7,600/tonne DEL.

Fellow PTA suppliers Sinopec and Hualian Sunshine Petrochemical have yet to finalise their January price. The former’s tentative price for January was CNY7,400/tonne delivered, while the latter’s was CNY7,600/tonne.

The five companies have about two thirds of the China domestic PTA market share as of January 2008.

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

By: Salmon Aidan Lee
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