PTA March contracts settle up €7/tonne

06 June 2008 23:59  [Source: ICIS news]

LONDON (ICIS news)--The majority of purified terephthalic acid (PTA) March European contracts were concluded at an increase of €7/tonne in line with upstream paraxylene (PX) values, buyers and sellers said on Friday.

The new range was assessed at €797-824/tonne ($1,242-1,284/tonne) FD (free delivered) NWE (northwest Europe) by global chemical intelligence service ICIS pricing.

Sellers had sought plus €7/tonne in line with the PX pass-through, but talks had been stalled due to the sheer volume of production problems, which had hit the market during the past month.

Both BP and Interquisa declared force majeure, leading buyers to believe that prices would rocket.

Their fears, however, were not altogether unfounded, with sellers now looking ahead to April and May, stating that recent supply issues would most certainly be reflected in contract discussions.

($1 = €0.64)

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By: Fiona Bond
+44 20 8652 3214

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