Asia spot PTA plunges $100/tonne in one week on panic selling

26 April 2011 06:37  [Source: ICIS news]

SINAGPORE (ICIS)--Asia spot purified terephthalic acid (PTA) prices have tumbled $100/tonne (€69/tonne) in the past week because of panic selling, market sources said on Tuesday.

Deals were heard concluded at $1,290-1,300/tonne CFR China Main Port (CMP) on Tuesday morning, $100/tonne lower from last Tuesday, according to ICIS.

“The downtrend is too rapid, we never expected that,” said a major end-user.

A number of traders and end-users said they were caught off guard by the rapid fall of spot prices, and had no idea why prices dropped so quickly.

“Some traders were initially offering prompt arrival cargoes and cargoes that had already arrived at lower prices, but were met with weak buying interest,” a trader said.

($1 = €0.69)

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By: Becky Zhang
+65 6780 4359

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