06 July 2012 06:27 [Source: ICIS news]
By Becky Zhang
The current bid-offer range for PTA is up 8-9% from the previous week, they said.
Most buying indications for imported PTA are at $1,010-1,020/tonne (€818-826/tonne) CFR (cost & freight)
“Local PTA supply has been tightened significantly this week, while demand is improving,” a major polyester maker said.
“We are in discussions with Indian buyers on the possibility of exporting some Chinese PTA,” said the largest PTA producer in
But shipping cargoes takes at least three weeks to reach
Currently, three of
On July 4, Indian Oil Corp’s (IOC) sole 550,000 tonne/year PTA plant at Panipat was taken off line for around 10 days of maintenance for catalyst change, a company source said.
Reliance Industries’ 640,000 tonne/year No 3 PTA plant in Hazira was also shut on the same day for minor maintenance. The plant expected to be down until 7 July, a company source said.
In Haldia, Japanese producer Mitsubishi Chemical had encountered mechanical problems while in the process of restarting its 800,000 tonne/year PTA plant at the site, also on Wednesday. The plant is expected to remain shut for at least a month, according to a source close to the company.
The Japanese firm shut the unit in the last week of June because of poor margins and initially planned to restart the unit on 4 July, the source said.
Mitsubishi Chemical was not immediately available for comments.
Reliance, IOC and Mitsubishi Chemical are the three PTA producers in
A strong uptrend in crude futures and in China’s PTA spot prices, as well as the rapid appreciation of the Indian rupee, in the past week did good in boosting buying sentiment, a major Indian PTA producer said.
But spot availability of PTA from northeast and southeast of
PTA plants in Asia ex-China and
“We don’t have extra cargoes to sell as it is already tough for us to meet contract requirement,” said a South Korea PTA producer.
This was echoed by two Taiwanese producers and one Thai producer.
($1 = €0.81)
Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
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