20 October 2011 04:29 [Source: ICIS news]
The PX prices have dropped by at least $90/tonne (€66/tonne) since 17 October with offers of November shipments heard at $1,540/tonne CFR (cost & freight)
There were few bids heard from end-users as most are experiencing poor production margins.
The benchmark prices of PTA were assessed at $1,145-1,180/tonne CFR CMP on 19 October, which is $50-55/tonne lower than that on 14 October, the data showed.
The offers of PX are lower because a possible halt of the trading of PTA futures on the Zhengzhou Commodity Exchange as at 10:10 hours Singapore time (02:10 GMT), market sources said.
As at 10:10
The Zhengzhou Commodity Exchange will halt trading if the contract falls below or rises to 6% or more in a single session, the sources said.
($1 = €0.73)
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