Chinese PTA makers finalise lower price for March

26 March 2009 02:13  [Source: ICIS news]

SINGAPORE (ICIS news)--Major purified terephthalic acid (PTA) producers in China have finalised their March price yuan (CNY) 150/tonne ($22/tonne) lower than the previous month due to poor demand in the downstream markets, buyers and sellers said on Thursday.

Sources from Sinopec, BP (Zhuhai), Xiang Lu Petrochemical and Yisheng Petrochemical confirmed that their March price was CNY6,250/tonne delivered, lower than the February price of CNY6,400/tonne delivered.

“Demand had overall been weaker as many polyester makers started to book losses this month,” said a source from Sinopec, the market leader.

A fifth producer, Hualian Sunshine, had yet to announce its March price as of Thursday morning. “Our price should eventually be in line with the rest of the market but (it) will be announced later,” a company source said.

The five producers sell more than half of the PTA produced in China. The country, however, remains a net importer of the fibre intermediate, depending mainly on Korean, Taiwanese, Japanese and Thai PTA for about half of its needs.

($1 = CNY6.83)

Freya Tang of CBI China contributed to this article.

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