China ships first 1,000 tonnes local PTA to India
27 July 2012 09:39 [Source: ICIS news]
SINGAPORE (ICIS)--A major Chinese purified terephthalic acid (PTA) producer has sold a 1,000-tonne cargo to an Indian polyester maker this week, marking ?xml:namespace>China’s first overseas shipment of domestically produced raw material for textile, market sources said on Friday.
The cargo loading was sold on a free-on-broad (FOB) basis based on the monthly spot average of CFR China prices – roughly in the low-$990/tonne CFR China levels, said a source from the Zhejiang-based PTA producer.
China’s PTA reaching India has been a long time coming, industry sources said.
India has been facing an acute shortage of PTA since early July because of plant shutdowns, opening a window for imported PTA from China.
Other countries that supply PTA to India have limited supply availability given ongoing production cutbacks, a major regional trader said.
With aggressive capacity expansion scheduled between 2012 and 2014, China – the biggest importer of PTA in Asia – reduces its reliance on imports and is able to ship out volumes to other countries.
In June, China imported a total of 456,600 tonnes of PTA (including qualified terephthalic acid (QTA), down 22% year on year, according to China Customs data.By: Becky Zhang+65 6780 4359
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