Asia PX hits 17-month highs on surging PTA prices

12 October 2010 10:48  [Source: ICIS news]

SINGAPORE (ICIS)--Asian spot paraxylene (PX) prices hit their 17-month highs on Tuesday at $1,165-1,175/tonne (€839-846/tonne), on the back of surging values of downstream purified terephthalic acid (PTA), market sources said.

A cargo for November delivery was sold by a Korean trader to an international trading house at $1,170/tonne CFR (cost and freight) Taiwan and/or CMP (China Main Port) during the day, market sources said.

Spot PX prices were last traded at such levels in early-May 2009, according to ICIS data.

PTA prices, meanwhile, were trading at 25-month highs of $1,020-1,040/tonne CFR CMP. Demand was strong as the polyester manufacturing season in the region is in full swing through to November, market sources said.

The bulk of PX and PTA production in Asia goes into the textile industry.

($1 = 0.72)

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By: Bohan Loh
+65 6780 4359



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