25 August 2009 09:16 [Source: ICIS news]
SINGAPORE (ICIS news)--Leading purified terephthalic acid (PTA) producers in the Chinese domestic market have raised their August prices by CNY850/tonne ($124/tonne) from July, industry sources said on Tuesday.
The five majors raised prices mainly due to strong demand, officials from the companies said.
The July price was finalised at CNY7,350/tonne DEL.
Two of the producers, Yisheng and Xiang Lu, have also proposed settling their September price at CNY7,900/tonne DEL, a move expected to be followed by the other PTA makers, market players said.
"In general, we saw the downstream markets witnessing good margins and sales over the past month, so the price increase was not a surprise at all," a source from Xiaoshan Rong Sheng Polyester, a leading end-user in eastern China, said.
The five majors supply more than half of the PTA produced in China.
($1 = CNY6.83)
Kino Zhu and Freya Tang of CBI China contributed to this article
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