11 March 2010 13:56 [Source: ICIS news]
LONDON (ICIS news)--Lotte Chemical UK is on track to restart purified terephthalic acid (PTA) production at its plant at Wilton, UK, in April, a company source confirmed on Thursday.
“We are looking forward to starting the plant in April and engaging with the European customer base,” said Nick King, the company’s PTA commercial director.
The 500,000 tonne/year PTA plant at ?xml:namespace>
Some sources doubted the start-up would have much of an impact on the European market before May at the earliest.
“[The restart] will make it more competitive,” said King.
There was talk of other European sellers increasing their export activity, although they were not available for comment.
Speculating on why this could be, one source said: “[Producers] see Lotte Chemical UK coming up and they want to be ahead of the game.”
Asian PTA spot prices were pegged at $932-962/tonne (€680-702/tonne) CFR (cost and freight) CMP (
European contract prices were last recorded between €730-740/tonne FD (free delivered) NWE (northwest
Lotte Chemical UK, a subsidiary of KP Chemical Corp, bought Artenius
($1 = €0.73)
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