31 March 2009 07:30 [Source: ICIS news]
SINGAPORE (ICIS news)--Chinese purified terephthalic acid (PTA) producers have proposed selling their April volumes at yuan (CNY) 6,500-6,600/tonne ($950-965/tonne) DEL (delivered), up CNY250-350/tonne from the previous month, buyers and sellers said on Tuesday.
"We told our customers that our April price will be tentatively CNY6,500/tonne [DEL]," said a source from Sinopec, the leader in the Chinese domestic market. Higher feedstock cost was the reason behind the proposed hike, the source added.
Other PTA suppliers including Xiang Lu Petrochemical, BP (Zhuhai) and Yisheng Petrochemical had proposed selling at CNY6,600/tonne DEL, according to their own officials and customers.
Zhejiang Yuan Dong Petrochemical was yet to officially propose an April price, but it is understood it will also propose to sell at CNY6,600/tonne DEL for April, said one of its customers in Shaoxing in eastern China.
The five suppliers have more than two thirds of the Chinese domestic market share. However, China remains a net importer of PTA.
Freya Tang of CBI China contributed to the article.
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