NewsFlashMitsubishi nominates May PTA higher

24 April 2008 06:51  [Source: ICIS news]

SINGAPORE (ICIS news)--Mitsubishi Chemicals has raised its May purified terephthalic acid (PTA) nomination by $20/tonne ((€13/tonne) from last month after having settled its raw material paraxylene (PX) May contract up by the same amount, a company source said on Thursday.

The Japanese producer’s May nomination was pegged at $1,050/tonne CFR (cost and freight) China on a firmer PX contract for May which was settled at $1,290/tonne CFR China with its supplier.

Other PTA suppliers in Asia such as Formosa Chemical and Fibre Corp (FCFC), Mitsui Chemicals and Samsung Petrochemical have yet to follow suit with similar nominations as April contract settlements were still being negotiated, industry sources said.

PTA is used to make polyester fibres and yarns and polyethylene terephthalate (PET) chips.

($1 = €0.63)

By: Hong Chou Hui
+65 6780 4359

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