US February PTA contract rises to 66.19 cents/lb on higher PX

22 February 2012 18:31  [Source: ICIS news]

HOUSTON (ICIS)--The February contract price for purified terephthalic acid (PTA) was assessed higher by ICIS on Wednesday at 66.19 cents/lb ($1,459/tonne, €1,094/tonne).

This represents an increase of 4.69 cents/lb from 61.50 cents/lb DEL (delivered) USG (US Gulf) in January.

The PTA price is formula-linked to the monthly contract price for upstream paraxylene (PX), with the PTA increase for February representing 67% of the 7 cents/lb increase in the February PX price.

The US February PX contract settled at 79 cents/lb DEL USG, up from 72 cents/lb DEL USG in January.

PTA is the principal feedstock for polyethylene terephthalate (PET), which is used to make plastic bottles and polyester fibre.

BP Chemicals and DAK Americas are the only PTA producers in the US, while PET producers include DAK Americas, Indorama, Mossi & Ghisolfi (M&G) and NanYa Plastics.

($1 = €0.75)

By: Blanca Venegas

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