24 February 2009 03:07 [Source: ICIS news]
SINGAPORE (ICIS news)--China’s four biggest privately-owned purified terepthalic acid (PTA) producers had finalised their February PTA contract prices at yuan (CNY)500/tonne ($73/tonne) higher compared to the previous month’s settlement, company sources said on Tuesday.
Strong demand amid tight supply dictated the higher price, they said.
Xiang Lu Petrochemical, Yisheng Petrochemical, Hualian Sunshine Petrochemical and BP Zhuhai settled their February price at CNY6,500/tonne ?xml:namespace>
“Demand had been quite strong in the past month, and we see sell-out positions in general,” said a source from Xiang Lu.
PTA producers were running their plants at low operating rates mainly due to shortage of feedstock paraxylene (PX), limiting the supply available to the market.
Last Friday, state-affiliated Sinopec also raised its February price but at a slightly lower price compared to the other four producers at CNY6,400/tonne DEL.
($1 = CNY6.84)
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