Europe Feb PTA down €5/t after PX hikes
16 May 2008 23:59 [Source: ICIS news]
LONDON (ICIS news)--European February purified terephthalic acid (PTA) contracts were reported settled at a €5/tonne ($8/tonne) decrease, in line with upstream paraxylene (PX) price evolution, market sources said on Friday.
After some lengthy negotiations, the market was assessed between €790-817/tonne FD (free delivered) NWE (northwest
The PX contract for February had settled down €8/tonne at €785/tonne FD NWE.
PTA discussions had been very drawn out in some cases for January and February business, with both months ultimately settling very quickly or in tandem, depending on the seller and buyer involved.
Market focus had since turned to recent PTA production issues affecting Interquisa and BP, both of which were currently on force majeure.
Buyers expressed concerns over future supply, especially in June, although most said they had sufficient stocks to continue unaffected this week and next.
($1 = €0.65)
For more on PTA visit ICIS chemical intelligence
By: Edward Cox
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