Sinopec offers June PTA contract price of CNY8,700/tonne

30 May 2012 09:57  [Source: ICIS news]

SINGAPORE (ICIS)--Chinese petrochemical giant Sinopec is offering its June purified terephthalic acid (PTA) contract price at yuan (CNY) 8,700/tonne ($1,392/tonne), a company source said on Wednesday.

“At first we offered at CNY8,750/tonne, but we decreased it to CNY8,700/tonne,” the source said.

“Domestic supplies would be increasing following new plant [start-ups], and it was an apparent burden to the market,” a market player said. “The [PTA] contract price is expected to fall in line with decreasing spot prices."

Other domestic PTA producers have not yet declared their June offers.

($1 = CNY0.16)

By: Yolanda Chen

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