26 May 2009 02:43 [Source: ICIS news]
SINGAPORE (ICIS news)--Leading purified terephthalic acid (PTA) producers in the Chinese domestic market have finalised their May contract price yuan (CNY) 300/tonne ($44/tonne) higher than the previous month, said buyers and sellers, citing firm demand and tight supply.
Xiang Lu Petrochemical announced its May price at CNY7,600/tonne delivered (?xml:namespace>
Rival producers, Yisheng Petrochemical, BP Zhuhai and Zhejiang Yuan Dong Petrochemical similarly announced their May price at CNY7,600/tonne
The April contract price among the five was CNY7,300/tonne DEL.
“We’ve seen generally firm demand over the past one month and we actually did not have enough to sell,” said a source from Xiang Lu.
The five PTA majors dominate more than 50% of the market share in the Chinese domestic market according to sources. Other PTA makers in
Freya Tang of CBI China contributed to this article.
($1 = CNY6.82)
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