US May PTA contract lower following PX decrease

24 May 2012 23:19  [Source: ICIS news]

HOUSTON (ICIS)--The May contract price for purified terephthalic acid (PTA) was assessed lower on Thursday at 64.52 cents/lb ($1,422/tonne, €1,138 /tonne), following a decrease in the May PX price.

The assessed May price fell by 1.34 cents/lb from 65.86 cents/lb DEL (delivered) USG (US Gulf) in April.

The PTA price is formula-linked to the monthly contract price for upstream paraxylene (PX), with the PTA decrease for May representing 67% of the 2.00 cent/lb decrease in the May PX price.

The US May PX contract price was settled at 76.50 cents/lb DEL USG, down from 78.50 cents/lb in April.

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 = €0.80)

By: Blanca Venegas

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