US June PTA contract falls following PX decrease

28 June 2012 23:22  [Source: ICIS news]

MIAMI, Florida (ICIS)--The June contract price for purified terephthalic acid (PTA) was assessed lower by ICIS on Thursday at 58.49 cents/lb ($1,289/tonne, €1,031 /tonne).

This represents a decrease of 6.03 cents/lb from 64.52 cents/lb DEL (delivered) USG (US Gulf) in May.

The PTA price is formula-linked to the monthly contract price for upstream paraxylene (PX), with the PTA decrease for June representing 67% of the 9.00 cent/lb decrease in the June PX price.

The US June PX contract price was settled at 67.50 cents/lb DEL USG, down from 76.50 cents/lb DEL USG in May, following a lower June PX Asian Contract Price (ACP).

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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