PTA April contracts settled $130/tonne higher in China

06 July 2009 05:03  [Source: ICIS news]

SINGAPORE (ICIS news)--The Chinese contract price for purified terephthalic acid (PTA) sold in April was retroactively settled higher by $125-130/tonne (€90-94/tonne) from the previous month due to strong demand, buyers and sellers said on Monday.

“I settled with my customers at $850/tonne [CFR China],” said a Japanese supplier, who added that demand among end-users had been strong for that month.

“Spot prices actually rose sharply that month, so we managed to get a substantial increase from March to April and set our price at $855/tonne [CFR China],” said a source from Formosa Chemical & Fiber Corp, a leading exporter of the fibre intermediate to China.

According to ICIS pricing, PTA spot prices rose as high as $930-940/tonne CFR China in April on strong demand, although the lowest point of that month was around $820/tonne CFR China.

($1 = €0.72)

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By: Salmon Aidan Lee
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