US PTA October contract up slightly on PX settlement

25 October 2012 18:14  [Source: ICIS news]

HOUSTON (ICIS)--The US purified terephthalic acid (PTA) contract price for October is slightly higher over September based on the 0.50 cent/lb ($11/tonne, €8.50/tonne) increase in the feedstock paraxylene (PX) contract this month, market sources said on Thursday.

The October PTA contract was assessed slightly higher by 0.34 cent/lb to 63.54 cents/lb DEL (delivered), on a formula-based correlation, according to ICIS.

The PTA contract normally settles when the upstream PX price is concluded. The October US PX contract was fully settled last week at 75 cents/lb, according to producers and buyers.

PTA is the principal feedstock for PET, which is largely consumed in plastic bottles for the beverage industry.

PET producers in the US include DAK Americas, Indorama, Mossi & Ghisolfi (M&G) and Nan Ya Plastics.

($1 = €0.77)

By: Feliza Mirasol
+1 713 525 2653

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