Corrected: Sinopec finalises higher April PTA, MEG prices in China

24 April 2009 10:23  [Source: ICIS news]

Correction: In the ICIS news story headlined “Sinopec finalises higher PTA, MEG prices for Mar in China” dated 24 April 2009, please read in the 1st paragraph … April … instead of … March …. A corrected story follows.

SHANGHAI (ICIS news)--China’s Sinopec has finalised its prices for purified terephthalic acid (PTA) and monoethylene glycol (MEG) sold within the domestic market in April at sharply higher levels due to strong demand and tight supply, company officials said on Friday.

The PTA price was pegged at yuan (CNY) 7,300/tonne ($1,069/tonne) DEL (delivered), while the MEG price was CNY4,600/tonne DEL.

These numbers represented jumps of CNY1,050/tonne and CNY900/tonne respectively from the previous month’s final values.

“Demand has been strong, and we don’t have too much to sell anyway,” said one of the Sinopec officials.

Sinopec is China’s biggest integrated producer of PTA and MEG, which are the two main feedstocks for the production of polyester and polyethylene terephthalate (PET) resins.

($1 = CNY6.83)

Clytze Yan and Freya Tang of CBI China contributed to this article

For more information on MEG and PTA, visit ICIS chemical intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Salmon Aidan Lee
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